Much Lower COL --> Much Lower Salaries Too? (St. Louis: fit in, how much) - Missouri (MO) - City-Data Forum

anonak · 11-20-2013, 01:22 PM

Hello everyone

I keep seeing that St. Louis has a lower cost of living than many other cities, but I was wondering if salaries are correspondingly lower. If so, is it fairly proportional (i.e. it is 20% lower than Chicago and wages are 20% lower) or will you still come out ahead (i.e. COL is 20% lower than Chicago but wages are only 10% lower)?

Salary.com states that the cost of living is 17.2% lower than in Chicago, but wages are only 6.7% lower. Do you think that is accurate?

I am asking because I don't make a ton of money (~30k), but I would absolutely love to live in a city. Chicago is pretty much out of my reach, so I am stuck living in the far southwest suburbs. I could probably earn more if I worked in the city (of Chicago), but probably not enough to actually live in a nice area.

The more I learn about St. Louis, the more I like about it. My only fear is that because it is smaller than the Chicagoland area, I would have less opportunity to advance in my career (currently banking, trying to get into HR). That said, if the COL is really that much lower, I could probably live a fuller life on less money.

eastmemphisguy · 11-20-2013, 01:50 PM

The primary thing that drives up cost of living in expensive places is housing. A nice apt in middle America can easily cost under $1000/mo. Chicago isn't even that pricey compared to some places. In San Francisco, that same apt can easily cost $3000/mo. But most other expenses will not vary that much wherever you live. On the income side, it really depends what you do. There are a lot of big salaries in big cities, but those big time jobs don't exist at all in smaller cities. But the good news is that you can start your career in a smaller city. I don't know all that much about banking in St Louis, but I'm sure there are lower level jobs around in your field. If you do well and move up, your company may relocate you to the big city.

billiken · 11-20-2013, 02:36 PM

I think the salaries in STL are pretty good for the cost of living. It regularly makes the lists of places where you get the biggest bang for your buck.

In my industry (finance/accounting/professional services), starting salaries out of school are approximately 9% lower than in Chicago than in STL. I also know that the starting salaries are the exact same in STL and Denver (Denver is more expensive, mostly driven by housing costs).

glamatomic · 11-20-2013, 03:12 PM

It depends where you are comparing it too. When we were looking to relocate after DH decided to get out of the Marine Corps, we worked out that we would definitely come out ahead here compared to the other cities on our shortlist (St. Louis was my personal preference anyhow so I'm pleased it worked out that way!).

Incidentally, St. Louis has higher wages than the region we lived in in North Carolina, but St. Louis has a lower COL as well, so it's a definite improvement on NC!

jribe · 11-20-2013, 05:32 PM

Quote:

Originally Posted by anonak

Hello everyone

I keep seeing that St. Louis has a lower cost of living than many other cities, but I was wondering if salaries are correspondingly lower. If so, is it fairly proportional (i.e. it is 20% lower than Chicago and wages are 20% lower) or will you still come out ahead (i.e. COL is 20% lower than Chicago but wages are only 10% lower)?

Salary.com states that the cost of living is 17.2% lower than in Chicago, but wages are only 6.7% lower. Do you think that is accurate?

I am asking because I don't make a ton of money (~30k), but I would absolutely love to live in a city. Chicago is pretty much out of my reach, so I am stuck living in the far southwest suburbs. I could probably earn more if I worked in the city (of Chicago), but probably not enough to actually live in a nice area.

The more I learn about St. Louis, the more I like about it. My only fear is that because it is smaller than the Chicagoland area, I would have less opportunity to advance in my career (currently banking, trying to get into HR). That said, if the COL is really that much lower, I could probably live a fuller life on less money.

i think this depends on what you do in the banking industry and how much experience you have. I am from California and moved out here in 2011 for a promotion with my company. I got a decent raise for moving here; and after two years i was considering moving back to CA- but i was offered another promotion here at the same pay that another promotion would be in CA. So i stayed here because the COL is slightly lower and i like my neighbors much more here.

anonak · 11-21-2013, 02:17 AM

Thank you all for the replies. As for what I do, I'm a program assistant of a specific department in the bank, but I would like to transition into human resources. I definitely don't have a high level job, so it is not like anyone will recruit me, but I hope that the skills I have amassed over the years will be enough for a career transition.

I am trying to decide if I should include St. Louis in my search. I have a pretty strong desire to move "somewhere else" (I'm sick of suburbia and even if I got a job in Chicago, living in the city would be really expensive). I would love to live in a proper city, and though I'm not super picky about which one, I'd rather not move completely cross-country. St. Louis is close enough that I could go back to Chicagoland for important events. It is also attractive due to the lower cost of living. Truthfully, I think that I would fit in there far more than in one of the southern cities.

I just didn't want to start applying to jobs there, possibly get interviews, and waste everyone's time due to salaries being much lower.

mjtinmemphis · 11-21-2013, 07:23 AM

Quote:

Originally Posted by anonak

Thank you all for the replies. As for what I do, I'm a program assistant of a specific department in the bank, but I would like to transition into human resources. I definitely don't have a high level job, so it is not like anyone will recruit me, but I hope that the skills I have amassed over the years will be enough for a career transition.

I am trying to decide if I should include St. Louis in my search. I have a pretty strong desire to move "somewhere else" (I'm sick of suburbia and even if I got a job in Chicago, living in the city would be really expensive). I would love to live in a proper city, and though I'm not super picky about which one, I'd rather not move completely cross-country. St. Louis is close enough that I could go back to Chicagoland for important events. It is also attractive due to the lower cost of living. Truthfully, I think that I would fit in there far more than in one of the southern cities.

I just didn't want to start applying to jobs there, possibly get interviews, and waste everyone's time due to salaries being much lower.

Glass door may be a good tool to use to establish salary expectations. Also identify the type of housing you're looking for in specific neighborhoods can help you to get a real snap shot of housing cost. Pay role taxes in Missouri may be a little higher. It can go up to 6% and 7% (if you live in the city). Owning a car is far less expensive but don't be caught off guard by the person property tax.

St. Louis may be a great option for you. I'm currently in Chicago and can not live in the south again. St. Louis is on the agenda because its my home and the type of urban lifestyle I can tolerate and affordability.

Chicago is great but I need a change. I understand higher cost of living but they go overboard with the "I've got a new scam to get your money" thing. It seems to get worse by the year.