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Anyone with a six digit income (either themselves or their household) already knew that making $100K in NYC isn’t like making $100K in say Orlando. Many people make the error of comparing nominal income levels between two or more places, but in reality a more correct approach is to compare purchasing power parity since money doesn’t go the same length in different places. Many people also make the error in thinking that a higher nominal income means a higher purchasing power parity, but often that isn’t true.
In the same token, making say $40K in Orlando is not like making $40K in NYC, the equivalence is actually much higher. To put it another way, a person can live with a better standards of living in Orlando than NYC when in both cases they make $40K a year.
When it comes to taking vacations, say an Orlando resident vacationing in NYC, you think the higher costs of just about everything in NYC will limit their vacation there vs a New Yorker thst vacations in Orlando. In reality, it could be that the place with a lower cost of living and lower average incomes give you greater savings ability. In that case, someone form a lower income area could have more money availablefor their vacation in NYC than a New Yorker in Orlando, particularly if the latter depends more on credit than savings to finance their vacation.
A similar thing happens internationally. In the USA is unheard of for a middle class family to have a maid that visits their house twice a week and does the laundry, cleans the place, etc. Yet, there are places where it’s normal for the middle class to have maids despite having a lower nominal income. In reality, being middle class in the second place is more comfortable than in the USA. You would think a lower nominal income means a lower standards of living, but often the opposite is true. In the USA to find a household that in this case uses a maid is practically found from the upper middle class and up, with most of the American upper middle class not being able to have any maid to begin with. There is no price that could be placed to always have your clothes clean and ready to wear without having to take the time to do laundry and then fold and put away the clothes, and that is only one aspect. You don’t even have to think about clothes.
This is only looking at one aspect, but it really encompasses several more aspects.
This really is not news, well not to anyone who actually gets up and earns. Those not holding up their end (welfare and so forth) are another matter.
NYS and NYC are high cost of living areas, everyone knows this and proof isn't difficult to find in daily life.
OTOH you likely aren't going to be paid same money for doing same job elsewhere in USA. That's why trick is to make NYC money, then retire or otherwise move to Florida, North Carolina or elsewhere cheaper.
Nurses from all over USA flock to NYC because pay is vastly better here than outside some other areas such as CA.
Whole work from home movement is tantalizing to those that live or have moved house to lower cost of living area. But that applies only if employer or whoever is willing to pay NYC money regardless. Some places will, others won't.
When companies relocate in whole or divisions outside of NYC to say the south it isn't certain people will keep their same compensation. Companies point out (as well they should) that COL in say Austin, Texas is not same as NYC therefore compensation is rightfully adjusted (usually downward).
Article by Smart Asset is largely clickbait because they've long had an online calculator showing difference between net and gross income.
For most working persons in NYC figure on about 1/4 to 1/3 of each paycheck going to federal, state and local taxes alone. That's before any other deductions such as healthcare, union dues, etc.
Thus off the bat someone earning $100k in NYC takes home about $70k just due to taxes alone.
Nurses from all over USA flock to NYC because pay is vastly better here than outside some other areas such as CA.
Keep in mind that most nurses (and with that most hospitals) in the USA at any given time don’t live in NYC or its metro area and never will.
In fact, according to this, NY state has around 190,000 nurses in a country with over 3 million nurses. That is about 6%. Plus, that is for the entire state of NY while NYC and its metro area is a small part of that state. So percentagewise the one for NYC is less than 6%.
In terms of one nurse for every 1,000 population, there are 25 states with a better ratio than New York state (this includes neighboring states such as New Jersey and Connecticut), though NY’s ratio is slightly higher than the national average.
A similar thing happens internationally. In the USA is unheard of for a middle class family to have a maid that visits their house twice a week and does the laundry, cleans the place, etc. Yet, there are places where it’s normal for the middle class to have maids despite having a lower nominal income. In reality, being middle class in the second place is more comfortable than in the USA. You would think a lower nominal income means a lower standards of living, but often the opposite is true. In the USA to find a household that in this case uses a maid is practically found from the upper middle class and up, with most of the American upper middle class not being able to have any maid to begin with. There is no price that could be placed to always have your clothes clean and ready to wear without having to take the time to do laundry and then fold and put away the clothes, and that is only one aspect. You don’t even have to think about clothes.
Yanno, we were FAR from wealthy, growing up. When I was in 7th grade, we lived in a 1060 sf house, rented, that even today is valued at less than 200k (I just looked it up, it sold for 150K last year). But my mom went to work full time that year, and she made more money than my dad, so she got a maid. Back then, getting a maid was nothing like it would be today. She was a sweet older black woman, who lived not far away, and she would be ironing every day when I got home from school. She did the laundry, cleaned, and watched us kids until my parents got home from work. So she was only there a few hours a day, but she make all difference for my mom, and for all of us. I have absolutely no idea what she was paid, but it could not have been much, as we didn't have much. It's a completely different story today. It really is. People are just used to having more - they spend crazy amounts of money on phones, nails, hair, it's kind of mind boggling really. Very very different today.
Keep in mind that most nurses (and with that most hospitals) in the USA at any given time don’t live in NYC or its metro area and never will.
In fact, according to this, NY state has around 190,000 nurses in a country with over 3 million nurses. That is about 6%. Plus, that is for the entire state of NY while NYC and its metro area is a small part of that state. So percentagewise the one for NYC is less than 6%.
In terms of one nurse for every 1,000 population, there are 25 states with a better ratio than New York state (this includes neighboring states such as New Jersey and Connecticut), though NY’s ratio is slightly higher than the national average.
You should keep in mind within both NYS and NYC for that matter hospitals hire directly tons of nurses from out of state. This and or they use "travelers" who also come from out of state. In either case as one stated NYC, Westchester, LI, etc... are happy hunting grounds for out of state professional nurses due to much higher compensation.
Every single GD major hospital system in NYC recurits new grad/licensed RNs from all ove USA, that is they do *NOT* rely solely upon graduates from local schools of nursing.
"New York is one of the higher paying states for registered nurses. The registered nurse salary in New York is $96,170 per year. This means that nurses in New York earn an average of $46.24 per hour. On the other hand, the national average for registered nurses is $77,600 per year. This annual salary is approximately $37.31 per hour."
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