Finding a new job -- or second or third gig -- is one way to boost your income. Another option, for some, might just be finding a more affordable community to live in.
Last year, the Pew Research Center published a study that looked at where wages are worth the most and the least in the United States. It took federal data for both average weekly wages and “regional price parities,” the regional price differences for housing and groceries, among other essentials, and compared the two.
After all, a big paycheck won’t get you very far if you’re living in one of the most expensive regions of the country. In high-priced New York City, $1,000 a week won’t go as far as the same salary in the small city of Rome, N.Y., where the cost of living is lower than the U.S. average.
Moving to a region where it’s cheaper to live can offer plenty of advantages. Often everything is less expensive -- from necessary items such as housing, gas and food to extras, including dinners out, movie tickets and other leisure activities.
Income and property tax rates also vary wildly across the country. In fact, some states, including Wyoming, Alaska, Florida and Nevada, charge no income tax. If you’re looking for cheaper taxes, Kiplinger recently ranked the 10 best states to live in for taxes.
But, before you pack up and make plans to move, hold up for a second. Believe it or not, moving to a cheaper region of the country might not be the best decision for your pocketbook.
Just because your paycheck might stretch further elsewhere, the grass might not actually be greener in a different location!
The team at CESI is committed to helping you make wise financial decisions and to helping you understand how to get out, and stay out of debt. For a free debt analysis, contact us and find out how we can help.
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