Couldn't find a post that specifically addressed this. I'm sure there's one, but there are hundreds to dig through. Here goes:
I took the highest salary offer that I was given straight out of grad school and moved to a new city for the job. Honestly the job is great, co-workers are wonderful, and the salary is generous for my field, but I'm miserable here. It's been nearly a year and despite volunteering etc, I'm completely socially isolated. Top that off with the stress that I'm only able to put $300/month into savings while living incredible frugally and making this great salary, because the cost of living here is so high (rent and utilities are through the roof). Also, I'm a single mom with no support structure here, so I really struggle with child care, and professional centers charge outrageous rates. However, I've already received one raise, and it's a possibility that I could come up for another raise in about a year, and so there is a chance that my income could increase in a year or so.
I've been offered housing with friends at 1/4 of what I'm paying now, and free live-in child care, in another city, where I have some friends and family. I would have to quit the current job to do so. It's hard to consider that, and I worry that it would sabotage my career, and in the process throw thousands upon thousands in lifetime earnings down the drain. But, my hope is that with the reduced cost of living and my qualifications, I could easily find employment in the new location. Even if I took a 20% pay cut, I'd still be able to save much more money towards FI. On the optimistic side, if I were to somehow find employment at the same or higher salary in the new location, I'd be putting down a very sizeable down payment on a house within a couple of years.
So, which makes more sense financially? Staying where the cost of living is sky high and savings are minimal, but keep the nice salary? Or move to lower my cost of living, but possibly lose the nice salary, and take a pay cut of who know hows much?
Thank you!