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I'm 32 and work in IT for a federal agency. I live in a mid size city, Knoxville and while I like it ok here, I would be stuck making the same salary forever. In other words, I would be stuck making $47,000, although my position goes up to $62,000 but that will take me about 10 years to reach that. What I like about Knoxville is the cheap cost of living, but now days, $47,000 is just not that much. Even $60,000 is only okay. Here in Knoxville there is no chance for promotion. It is extremely rare that an IT position woud open up making the money I want to make, which would be $60,000 to $90,000.
If I apply at a higher paying position, I would be at $62,000 and my position would top out at $90,000 but it would take me 10 years to reach $90,000, but I would have to move to a bigger city like Atlanta, Chicago, Philadelphia and the cost of living would be expensive compared to Knoxville.
I'm single, have no kids, no debt, and would like to own a house one of these days, hopefully soon. Which would you choose? Stay in Knoxville long term but knowing you would only be making $47,000 to $62,000 or move to a bigger city and make $62,000 to $90,000, despite the highest cost of living?
If you look up online cost of living calculators such as CNN's, you'll see that after controlling for cost of living differences, 90k in Chicago, Atlanta or Philadelphia still goes farther than 62k in Knoxville.
Of course no online calculator can be 100% accurate because individual results differ, but it's a decent rule of thumb.
Another way to confirm is to spend some time on Craigslist and look at what the rent is like in those cities for equivalent properties in Knoxville. Yes they will be more expensive, but even if an apartment is $500 a month more expensive, that's still a long way to go before the extra 20k to 30k or so in salary isn't worth it. Rent isn't the only factor in cost of living, but it is usually the biggest one.
If you really do believe that your earnings potential is that much higher in those cities, it seems like a no-brainer to pay a bit more in cost of living but make tens of thousands of dollars in higher salary.
what city would make you happier? I wouldn't stay in knoxville unless i was making more than i would make in big cities.
Chicago, Denver, maybe Orlando (have family there but the people there are stupid). Wanted to choose San Diego but everyone says the cost of living there is absolutely ridiculous. Knoxville is not bad but not sure about staying in the South forever. Been in the South most of my life and not sure I want to stay here long term to be honest.
I never have gotten the concept where some think big cities are unaffordable. How exactly is that those living there currently live comfortably and support thriving local economies???? It truly is a no-brainer if you've reached the salary ceiling in a mid-sized city to consider moving to a major city if not "tied down".
One advantage of having a higher salary in a higher cost of living big city (or not so big city) is that you end up with a higher amount that is calculated into lifetime earnings and contributions to Social Security. It means that you will get a higher payout from SS, if it is still solvent and functional in 35 years from now when you retire. Even if SS is not there, whatever type of employer pension or self funded retirement savings will be more if you have a higher average salary over a long number of years. The assumption is that you would contribute the same percentage to a retirement savings, regardless of what income level is.
I live in high cost of living southern california. When I retire in mid 2017, I may opt to move to a lower cost of living place. I will benefit because of the higher salary earned during my career mostly in California, which will result in higher SS, pension & 401K than if I lived and worked in a lower cost of living place at lower salary.
Chicago, Denver, maybe Orlando (have family there but the people there are stupid). Wanted to choose San Diego but everyone says the cost of living there is absolutely ridiculous. Knoxville is not bad but not sure about staying in the South forever. Been in the South most of my life and not sure I want to stay here long term to be honest.
Do it!! Move to Chicago, Denver, or even SD if you know that you'll love it and if you are confident in finding a job. You live only once...
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