Relocating for a job can certainly jumpstart your career, but it isn’t always the best way to build up your bank account. In fact, moving to another city can be more expensive than it looks, and if you’re not careful you could be forced to significantly downgrade your lifestyle.
Large cities tend to be expensive, and while salaries are generally higher in those places, the increased pay doesn’t necessarily make up for the difference when compared to the lower cost of living in a smaller city.
I tend to think that when you move to a place like New York or L.A. or San Francisco, you’re moving there to establish your career and you probably will be in almost a deficit situation to establish that career,” said Bert Sperling, head of Sperling’s Best Places, a city and demographics analysis publication. “After that, it’s either move up the food chain, or head out for some place more livable.”
But what bigger cities lack in affordability, they make up for in perks such as public transportation, cultural events and an urban lifestyle, said Al Lee, director of quantitative analysis at PayScale.com, a Seattle-based Web site that helps job searchers find salary information in cities across the country.
Top 5 Cities
Source: Denver Metro Convention & Visitors Bureau
No. 1 Denver, Colo.
With a median annual household income of $62,500 and the median home price at $305,000, Denver tops the list as an affordable place to live and work.
Slideshow: To help make your job search a little easier, we asked Sperling’s Best Places to identify the top five cities for living within your means while advancing your career.
Lee said that for some careers, moving to a larger city or a desirable, warm location can occasionally work out to be a better-paying scenario.
“The cost of living is considerably higher in Hawaii and most jobs there probably don’t pay enough to make it equal to your salary if you were living in, say, the Midwest or the South. But if you’re a nurse and you move to Hawaii, you can get a 20-30% increase in pay because there are a lot of retirees and there’s a real demand for health care,” Lee said. “So there’s one scenario where it might be better to move to a desirable location.”
Indeed, job sector has a lot to say about whether or not your move will be profitable. Wendy Terwelp, a career coach based in Milwaukee, Wis., suggests using the cost of living difference as a basis from which to negotiate a little more pay.
“I always encourage people to lobby for more money, even if you just talk them into a performance-based raise or an evaluation after six months,” Terwelp said. But before making the move, you should research the company, the employees and its leaders. It has to be a good fit so you won’t need to change jobs after you get there.
Andy Vogel is a client of Terwelp’s who works in advertising. He has moved from smaller communities to larger cities on several occasions and negotiating was a crucial part of every transition.
“I’ve always been really good at negotiating,” Vogel said. “I’ve always been really good at getting good packages based on how much I’m willing to accept at variable pay, so I’ve got a lot of confidence.”
But before you start bargaining with a potential employer, experts say you should find out what the salary range is for your job in the region in which you’re planning to relocate. That way you’ll have a better idea of how much you’ll be able to negotiate.
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