Think before you answer.
What would a $200,000 salary get you in New York, and what in Cleveland? Well, let's strip it down:
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What would be your purchasing power after accounting for the cost of living? New York's cost of living, for example, is double the national average.
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What about effective tax rates? The tax rate in New York is 25.4% for the $200K salary vs. a tax rate of 20.4% in Cleveland for the $100K salary.
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Different inflation rates? May annual inflation rate in New York metropolitan area was 4.8%, in Cleveland, the rate was 3%.
All these should be considered before deciding. So, have you changed your answer?
Let's start by saying that if you have that choice (of making a six figure salary), then congratulations are in order. You are part of the 5% of Americans who do (according to 2004 census reports). But the real question is - where do you live?
CNNMoney.com used data from 6FigureJobs.com and TheLadders.com to figure out the equivalent of $100,000 after adjusting for the cost of living in the top cities that have the largest numbers of six figures jobs listings. In New York, a $100,000 equivalent salary would require a salary of over $205,000, in Boston more than $137,000, about $101,000 in Cleveland and less than $89,000 in Houston.
So while many six figure jobs are indeed offered in higher cost of living areas, there are still many cities such as Chicago, Atlanta, Seattle, Cleveland and Denver as well as a few others that also have relatively high numbers of six figures jobs to offer. And as if that isn't enough to convince you, sometimes, just to attract talent, companies in those "lesser" cities would offer the same high salaries as in, say, New York.
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Reader Comments (Page 10 of 10)
10-06-2006 @ 10:54AM
HaHa' . . . said...
HaHa' . . . I'm not so sure ya'll talkin' about the same Cleveland, OH I am. I've lived in the surrounding suburbs whatever and work downtown now as we speak and I'll always consider Cleveland my home/town and rep to the fullest but let's be realistic here. There's not too much goin' on here and the people that I know around me a "heck" of a lot majority percentage @ least are phoney, fake and judgemental people. Downtownwise isn't so bad beside that there's not much there and they have a ways to go to turn the actual city around which I hope they do and East 4th is on it's way and other street districts need to follow by example but we got some years ahead of us. I'd prolly make that Cleveland $100,000 then move to NYC or other such city to be fully honest cuz' I don't see myself being happy in Cleveland and I'd take a lil' less money if I could be more happy in NYC to be honest. And maybe even sounds idiotic to some but that's the way it is since I've lived here my whole life and visited NYC numerous times.
Joe Anonymous
10-09-2006 @ 3:07PM
ATM said...
I was born and raised in Cleveland, moved away as a young adult have since returned. After a stint in government and education, I now commute to New York for work every other week.
Although Cleveland is a beautiful city and great place to raise a family my preference would be New York. The opportunities are endless, the economy is booming and while the sports teams in New York are just as average as they are in Cleveland of late, the New York/New Jersey area simply offer more of what I want my family and children exposed too; technology, culture, real diversity, access and opportunity.
Cleveland is the smallest “big city” you'll ever find. In some ways that’s great in others, it's a true detriment to growth and development. Same decision makers, same process; same activities all equal the same results.
Until Northeast Ohio learns to work together, we'll continue to be a second or third tier market.
10-10-2006 @ 11:57AM
JW said...
First of all, 100K is better than 200k in NYC today and only today. FS 200K people are getting 4-8% raises in NYC with opportunities for 30 to 40% cash and 30 to 40% stock. You only buy an expensive house once but your salary continues to rise to adjust for the cost of people relocating to NYC and buying homes at todays current prices. Think of all the 40 year olds who bought in 1992 a big house for 250K adn have no mortgage and 800k in equity. Also when you retire SS, Pension, 401K and your paid off house is worth much more for a NYer. The person from Ohio can't afford to retire somewhere nice and must remain in the snow in Clevland when he is old and grey!!! No Deal.
10-10-2006 @ 9:21PM
Perry Petrilli said...
Cleveland? Been there....done that. Really great parks, downtown used to be better....nice small towns to party in if you know where to go. Weather? Let's face it folks, other than Pittsburgh it can really be bad. Regarding the sports....let's not talk about that....why get depressed.
New York? Well, as they say....if you can make it there you can make it anywhere. You need to be different kind of person. Love the food, the culture and the people.
My choice....I ended up in Baltimore! Not my choice but it is home now. Go fiqure...I get to visit both places and have a great time at both!
9-06-2007 @ 12:26AM
Virginia Miga said...
Try living in Salt Lake City; Cleveland will look more like New York City.
10-20-2006 @ 8:13AM
maggymag@aol.com said...
would not live in either place.
10-20-2006 @ 11:35AM
Julio said...
Why someone would spend that kind of money to eat at a TGIFs in New York City is beyond me considering the great variety of excellent restaurants in New York City.