Bankrate's recent analysis explores the impact of cost of living on purchasing power when considering a job relocation. Experts offer advice on analyzing salaries, benefits, and hidden costs to make an informed decision.
Employees working in the bustling metropolises of the country often contemplate the allure of a smaller city lifestyle.
Questions arise: Would life be more affordable in a quieter locale? Would their finances stretch further? Is the grass truly greener on the other side? Bankrate, a consumer financial services company, believes it has the answers to these inquiries after conducting a recent cost-of-living analysis designed to help individuals assess the financial implications of relocating to a new city before accepting a new job. Bankrate's analysis delved into data from the Bureau of Economic Analysis to determine the extent to which average annual salaries translate into purchasing power within the 25 largest U.S. metropolitan areas. The company observed, 'Moving from a high-cost area to a lower-cost city – or vice versa – may not always result in the expected increase in purchasing power.' While workers in expensive cities typically command higher average wages, their salaries effectively decline when adjusted for the prevailing cost of living in those areas. Conversely, workers in more affordable cities may earn less on average, but their purchasing power effectively increases because their dollars can acquire more goods and services. Bankrate defines purchasing power as 'how much you can buy with a specific amount of money.' Despite the complexity of such decisions, Bankrate has compiled insights from career experts regarding the feasibility of relocating to a different city due to a job opportunity. Melissa Fleury, a career coach and founder of Branded Career, advises, 'Start by analyzing the base salary and bonuses, adjusting them using cost-of-living calculators specific to the new city to ensure they align with local expenses.' Fleury further recommends, 'Next, review the benefits offered… and account for hidden costs such as differences in transportation, childcare, and lifestyle expenses, which can significantly impact your overall financial well-being in the new location.' Raquel Cid, a career coach and founder of Coached by Cid, emphasizes the importance of researching the prevailing industries in the target city and the financial health of potential employers. Cid states, 'You don’t want to limit yourself, and it’s ideal if there’s more than one industry that’s prevalent.
Cost Of Living Purchasing Power Job Relocation Financial Well-Being Career Advice
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