How can doing a cost of living comparison between cities help me understand my earning potential in one city versus another?
Doing a cost of living comparison between cities will help you learn what it takes to maintain your standard of living from one place to another. Pamela Villarreal, a policy analyst at the National Center for Policy Analysis in Dallas, gave the example of moving from Houston to New York City. While the move may include a significant salary boost, she said, you need to consider, for example, if you’ll be able to afford the same size home in New York-and if you’re not able to, would you be OK with that? “I think sometimes people get so encouraged by the possibility of moving to another area that they may not stop to think what exactly that salary is going to buy them,” she said. “In some cases they may have a higher standard of living and in some cases they may have a lower standard of living, but each person has a different standard or set of goods and quantity that makes them happy. So the key is looking at what your salary will buy to help you attain that.
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