Author Topic: Adjusting for Cost Of Living As A Mustachian  (Read 1520 times)

swimmer21

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Adjusting for Cost Of Living As A Mustachian
« on: September 17, 2015, 02:34:32 PM »
All,

I'm considering a job offer now that would take me from one of the least expensive cities in the US to live in (Rochester, NY), to one of the most expensive cities in the world (New York).

Obviously to consider moving the salary would have to be MUCH higher, but the question is, how do I figure out how much higher? Also, as a relatively (but certainly not completely) mustachian person, I don't think my cost of living changes will be that similar to most people who make that move.

My line of thought, is that it's probably worth it to move if my savings rate (as a percent) stays the same, because that would mean a really big improvement in real dollars saved, which at my young age, because it would mean I could probably move to a lower cost of living area and be much closer to FIRE than if I stayed put.

AZDude

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Re: Adjusting for Cost Of Living As A Mustachian
« Reply #1 on: September 17, 2015, 02:42:49 PM »
Obviously there are a zillion cost of living calculators on the internet, but the big thing will be housing. Just go on Zillow or whatever and find out the approximate rent for places near the new job. That should give you a good idea of what your new proposed budget would look like.

norabird

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Re: Adjusting for Cost Of Living As A Mustachian
« Reply #2 on: September 17, 2015, 02:42:55 PM »
There are a fair number of mustachians here. Jobs do pay more because of the high COL. You can split an apartment and cook at home and be fine, even if some retail options for saving money (oh, Aldi and Grocery Outlet, how I long for you!) are off the table. Plus, you get to live in NY! Lots of free entertainment options and a great place to be. No need for a car, and the subway isn't bad--I think it's now $120 for an unlimited monthly card, and mine is taken out pre-tax. I'd think about it less in terms of your possible cost and more in terms of the job and whether you're interested in moving. Personally I think you should take it for the chance to be here. Poke around craigslist for apartments (Queens--Astoria not LIC, Brooklyn--Bed Stuy or Bay Ridge or Flatbush, Manhattan--Washington Heights, and look in the housing forum here. You should join in as a roommate on an existing lease rather than sign a new lease yourself to avoid the brokers fee.

RyanAtTanagra

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Re: Adjusting for Cost Of Living As A Mustachian
« Reply #3 on: September 17, 2015, 03:48:39 PM »
I moved from Ohio to SF as a frugal person.  Housing is 4x more expensive, but everything else is about the same, though requires more work to make it so, and will be probably be overall different (I pay for transit now, but save by not having a car, etc).  So look on CL for apartments, then add your current non-rent COL to that and round up.  If you're frugal that'll get you close.  The more frugal you are the less you'll be effected by COL area changes after the housing portion, imo.