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Its not about how long my money would last where but how much enjoyment my money could bring me. If I lived in one of those five states, I'd be spending my dollars to get away from there.
Its not about how long my money would last where but how much enjoyment my money could bring me. If I lived in one of those five states, I'd be spending my dollars to get away from there.
Lol. Guess it depends. Some folks find Tennessee an ideal place. And Michigan, though brutal in the winter, was a surprise to me. Interesting to see where they rank, though. I was a bit surprised to see NY rank only fourth worst. I figured it would be one or two. They give a million bucks lasting only 17 years in NY. Eleven in Hawaii.
Interesting. Validates my decision to relocate from one of the highest cost-of-living states to one of the lowest, while staying within the Rocky Mountains or west of them.
The article appears to assume the very unlikely event of the million not being invested and also apparently only calculated for a single person. Not very helpful.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The other problem is that it assumes the same cost throughout the state. Here in WA for example, the Seattle area median priced home is over $600,000, but go two hours in any direction and you can find something for under $200k, even under $100,000. My property tax is $6,500/year, my parents about 2.5 hours away are paying less than $500.
The other problem is that it assumes the same cost throughout the state. Here in WA for example, the Seattle area median priced home is over $600,000, but go two hours in any direction and you can find something for under $200k, even under $100,000. My property tax is $6,500/year, my parents about 2.5 hours away are paying less than $500.
The other problem is that it assumes the same cost throughout the state. Here in WA for example, the Seattle area median priced home is over $600,000, but go two hours in any direction and you can find something for under $200k, even under $100,000. My property tax is $6,500/year, my parents about 2.5 hours away are paying less than $500.
Quote:
Originally Posted by saralvr
Excellent point
True. In my state living in the San Jose area the median home price is over $1M. 2.5 hours away is where I live and you can get a nice house for under $200K. And nearly everything else is less expensive, from what a car mechanic or a plumber charges to the cost of going to a play or eating out. Plus there is no "Keeping up with the Jones'" mindset here.
The cost of living will impact the amount one must spend for comparable items in different areas. It does not dictate one's earnings, choices or spending habits. There are just as many 'broke' people in low COL areas as in high COL areas.
The personal finance site [GoBankingRates] compared average expenses for people age 65 and older, including groceries, housing, utilities, transportation and health care in every state to come up with how long a nest egg of $1 million would really last.
Funny how they don't mention taxes.
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