Baltimore, Annapolis, or Richmond? (Columbia: real estate, rent, mortgage)

[kburke859]

I'm hitting a pay ceiling at my current job in Richmond and I've been looking at similar positions in Maryland, which are basically the same job I have now, but with a 6,000 dollar a year higher salary.

My question is whether 6 grand a year would cover the cost of living increase in terms of living in Baltimore or Annapolis versus Richmond, and whether those cities would be a better fit for me.

Basically I'm late 30s, single white male, no kids in tow. Richmond's experience as a college town is getting a bit old for me as well, and I'm wondering whether Baltimore/Annapolis have more options in terms of those who are on the second round in terms of finding a life partner, or perhaps who never quite settled down for the first round.

In short, I'm considering the move due to the very young social scene in Richmond and the stagnant salary at my current job, but I'm not sure if another 6k per year would cover the higher COL, and I'm not sure whether I'm really jumping into a social mecca either for someone of my demographics. Thoughts?

[james777]

The social scene in Baltimore will be far superior to that of Richmond. Besides, living in Baltimore will give you access to Annapolis, Columbia, and DC.

As for the cost of living comparison, these sites should give you some idea.

Moderator cut: Link removed, linking to competitor sites is not allowed

Moderator cut: Link removed, linking to competitor sites is not allowed

Cost of Living Calculator - Cost of Living Comparison Index Tool

[MrRational]

Originally Posted by kburke859

been looking at similar positions in Maryland, which are basically the same job I have now,
but with a 6,000 dollar a year higher salary...

My question is whether 6 grand a year (gross) would cover the cost of living increase

Probably not.
A $60,000 life in Richmond will require $71,000 in the B'more metro. That's almost 19%
But if you're going from $30,000 to $36,000... you're at the scratch line.
Annapolis would be even more.

After deductions and contributions to the $6K I'll call that $4500 net. That's only $375/mo.
Cost of Living Calculator - Cost of Living Comparison Index Tool

[kburke859]

Thanks for the advice, all.

My boss made some concessions, giving me a better schedule, so I'll be staying in Richmond. Honestly I did get a bit of sticker shock looking at rents in Baltimore and Annapolis. I know there are a lot of other threads on this, but doesn't Maryland seem like it should be priced more similar to Virginia. Cost of living just seems higher in Maryland for some reason.

[MrRational]

Originally Posted by kburke859

Cost of living just seems higher in Maryland for some reason.

As you observed... COL (anywhere) is mostly about real estate prices.
Wherever you will want to live and wherever anyone else you deal with will want to live
all have high(er) rent and mortgage and property taxes etc that all have to be paid for somehow.
For most... that's where most of any pay increase will end up.

Too many though seem far too willing to allocate far too much of their net income to housing.
And so long as that sort of personal decision remains high the RE prices will too.

[Charlesaf3]

cost of living is much higher in Maryland for various reasons. I know a lot of people who have lived in Baltimore and Richmond (including me, but its been a while) and they prefer the social life in Richmond. Annapolis is great, but socially it would be a massive drop

[piviti]

Originally Posted by kburke859

Thanks for the advice, all.

My boss made some concessions, giving me a better schedule, so I'll be staying in Richmond. Honestly I did get a bit of sticker shock looking at rents in Baltimore and Annapolis. I know there are a lot of other threads on this, but doesn't Maryland seem like it should be priced more similar to Virginia. Cost of living just seems higher in Maryland for some reason.

Yeah, generally Maryland is denser with higher average incomes. Plus, taxes I think are a bit higher in Maryland too. $6000 more isn't worth living in Baltimore unless you really want a more active social scene.

[Rufus Clay Banger]

Originally Posted by kburke859

I'm hitting a pay ceiling at my current job in Richmond and I've been looking at similar positions in Maryland, which are basically the same job I have now, but with a 6,000 dollar a year higher salary.

My question is whether 6 grand a year would cover the cost of living increase in terms of living in Baltimore or Annapolis versus Richmond, and whether those cities would be a better fit for me.

Basically I'm late 30s, single white male, no kids in tow. Richmond's experience as a college town is getting a bit old for me as well, and I'm wondering whether Baltimore/Annapolis have more options in terms of those who are on the second round in terms of finding a life partner, or perhaps who never quite settled down for the first round.

In short, I'm considering the move due to the very young social scene in Richmond and the stagnant salary at my current job, but I'm not sure if another 6k per year would cover the higher COL, and I'm not sure whether I'm really jumping into a social mecca either for someone of my demographics. Thoughts?

I won't comment on location, but i'll share with you my experience. I moved to MD from low-cost Cincinnati as a single guy a little over a decade ago for a measly $3,000 increase in pay ($55,000 to $58,000), which really wasn't enough to pay for the cost of living increase in the DC area. I lived frugally, rented a basement in someone's house (it was nice!), and essentially maintained my Cincinnati lifestyle until I moved up the salary ladder. Best career move ever - both in caliber of work and in salary. I am now making six figures and am married with two children. It was worth the monetary sacrifice to get closer to a booming job market, better pay, and the caliber of women that I wanted to be around.

Good luck!

Edit: I see that you have decided to stay in Richmond, but perhaps this will provide someone additional perspective beyond money.