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Old 01-09-2010, 02:37 PM
 
5,857 posts, read 14,043,096 times
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Quote:
Originally Posted by BPerone201 View Post
I always thought starting off with a high pay in an area with a high cost of living would help you out in the long run. (That's why you always see NY/NJ/CT/MA people move pretty much where ever they want when they retire.)
Exactly! Retirees who live in low COL cities who sell their houses for say, $250k, won't be able to buy an equivalent house in a high COL city for say, $600k, unless they dip into their retirement savings. Conversely, those who sell their high COL area home for 600k can either buy upmarket when they retire to a low COL area, or spend the difference on other things like travel, etc.
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Old 01-09-2010, 02:39 PM
 
56,511 posts, read 80,803,243 times
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Quote:
Originally Posted by Ben Around View Post
Exactly! Retirees who live in low COL cities who sell their houses for say, $250k, won't be able to buy an equivalent house in a high COL city for say, $600k, unless they dip into their retirement savings. Conversely, those who sell their high COL area home for 600k can either buy upmarket when they retire to a low COL area, or spend the difference on other things like travel, etc.
What if you live in an area with a low cost of living and more to another place with a low cost of living?
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Old 01-09-2010, 02:43 PM
 
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Quote:
Originally Posted by GLS2010 View Post
Its because you guys are taxed more. Ill take southern cities that don't tax as much and you have more financial freedom. Southern cities are true american cities. Northern cities are wanna be European cities. If you want the European lifestyle go move there instead of settling for a half ass version of it. I want to live in a true american city thats why i live in a southern city.
Sorry, Southern cities are no more "true American" than are Northern cities, and Northern cities are no more "European" than Southern.
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Old 01-09-2010, 03:17 PM
 
5,857 posts, read 14,043,096 times
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Quote:
Originally Posted by ckhthankgod View Post
What if you live in an area with a low cost of living and more to another place with a low cost of living?
I don't have the facts at hand, but I believe that housing costs account for the biggest disparities among COL (as opposed to food, transportation, taxes, clothing).

More directly to your question, low COL >>> low COL would seem to be a wash, just as high COL >>> high COL would be.
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Old 01-09-2010, 05:09 PM
 
56,511 posts, read 80,803,243 times
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Quote:
Originally Posted by Ben Around View Post
I don't have the facts at hand, but I believe that housing costs account for the biggest disparities among COL (as opposed to food, transportation, taxes, clothing).

More directly to your question, low COL >>> low COL would seem to be a wash, just as high COL >>> high COL would be.
Sounds about right.....
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Old 01-10-2010, 01:12 PM
 
Location: Hernando County, FL
8,488 posts, read 17,932,473 times
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Quote:
Originally Posted by Ben Around View Post
Exactly! Retirees who live in low COL cities who sell their houses for say, $250k, won't be able to buy an equivalent house in a high COL city for say, $600k, unless they dip into their retirement savings. Conversely, those who sell their high COL area home for 600k can either buy upmarket when they retire to a low COL area, or spend the difference on other things like travel, etc.
You really are leaving many factors out of that equation.

The mortgage and taxes on that $600,000 home will probably run $31,000 a year more than the $250,000 home.

The highest average income is Ct with $55,000 and the lowest is Mt with $28,000. The difference in income tax will be around $10,000-$11,000.

So you make $27,000 more but have $41,000 more in expenses.

Even if the person making $28,000 only put away $2,500 a year in an IRA they could more than make up the difference between the sale price of the homes.
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Old 01-10-2010, 01:27 PM
 
Location: NJ Suburb of Philly (856)
155 posts, read 144,487 times
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Quote:
Originally Posted by Ben Around View Post
Exactly! Retirees who live in low COL cities who sell their houses for say, $250k, won't be able to buy an equivalent house in a high COL city for say, $600k, unless they dip into their retirement savings. Conversely, those who sell their high COL area home for 600k can either buy upmarket when they retire to a low COL area, or spend the difference on other things like travel, etc.
I agree, I found that was the case when my parents retired. There high salaries and pensions gave them much more options then if they had lived in a low wage/low salary area.
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Old 01-10-2010, 03:48 PM
 
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Ha this is a great topic i say low low... Why.. Because god forbid if you lose your job if you get into a accident and cant work if you fall ill the very low supplements provided through disability etc would suffice... If you have rent car insurance train fare etc up the ass your totally screwed which is exactly what happened in new york when wall street went down.. Imagine going from living in a condo to living in a shelter because the salaries offered now compares nothing to the rent in nyc a one bdrm shack is at least 950 no light and gas included a decent one is at least 1100 and the pay rate here on average is 10.00 ill rather live somewhere with affordable rent and lower pay rates even two jobs in ny cant pay all your bills if you fall on hard time..everything that glitters aint gold
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Old 01-18-2010, 12:11 PM
 
Location: Atlanta
7,732 posts, read 12,146,101 times
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Quote:
Originally Posted by JerseyPhanatic View Post
Orlando is not what I would consider a true American city. It is a corporate run city controlled by the Disney Corporation and strip malls with high unemployment. There is really no need to insult other regions of the country.
Welcome back, DailyJournalist.
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Old 01-18-2010, 05:28 PM
 
Location: Arlington, VA and Washington, DC
23,628 posts, read 33,413,509 times
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Well I'm about to move from a high salary/COL area (Washington DC suburbs) to a low salary/COL area (Ft. Knox/Louisville, KY) I guess I'll find out from personal experience.

Right now, I would take the low COL. I would hate to shell out $1300 for a decent 1 bedroom apt here whil I could get the same thing in Louisville for $550. Do I care if I make $32k in Louisville vs. $40k in DC? Not really.
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