Mitchell
I live in Bayville, New Jersey. I heard that jobs down here will pay less money than jobs further north near the Hoboken, Jersey City, NYC areas. Is this fairly true?
It really makes me wonder how this can be. I mean, its got to be common sense because further north means more people and more business. Personally, I would not want to change locations for work just for better income. People always tell me to go north because that is where the money is. I get this type of acknowledgment from friends that have graduated with a degree and even others who have no school education/backgrounds at all. Coming from persons with professional backgrounds, is this technically true? If so I now have more to stress about! #money #income #career #financial-planning
3 answers
Judi McEachin
Judi’s Answer
For example the cost of living in Richmond Virginia is much lower than New York but the cost of housing is also dramatically less. Living in Virginia may give you the opportunity to own your own home where that may never be the case in New York City. It all depends on what is important to you and the types of things you want to do and own during the different phases of your life. You can look at the cost of living of an area by checking out online real estate services like Zillow. They have links to extensive statistics.
The other driver is scarcity of a skill set for the area to which you want to live. Supply and demand! For example if you are a newly graduated engineer and choose to live in a small town that has a large local college pumping out graduates in engineering - it will be difficult to find a high-paying engineering job there because the town is flooded with engineers.
Keep these two things in mind when you look for places to live after you graduate.
Good luck!
Whitney Vincenti
Whitney’s Answer
Hi Mitchell!
I don't know much about this area but I did want to let you know that incomes in these areas are higher most likely because the cost of living. For example, apartment rentals are much higher in NYC than compared to a city away from the big cities. Companies recognize this and compensate their employees for the higher expenses. Although you may be making more money in these cities, you also will be paying higher rent, taxes, etc.
Hope this can help a little bit!
Whitney recommends the following next steps:
Judi McEachin
Judi’s Answer
For example the cost of living in Richmond Virginia is much lower than New York but the cost of housing is also dramatically less. Living in Virginia may give you the opportunity to own your own home where that may never be the case in New York City. It all depends on what is important to you and the types of things you want to do and own during the different phases of your life. You can look at the cost of living of an area by checking out online real estate services like Zillow. They have links to extensive statistics.
The other driver is scarcity of a skill set for the area to which you want to move. Supply and demand! For example if you are a newly graduated engineer and choose to live in a small town that has a large local college pumping out graduates in engineering - it will be difficult to find a high-paying engineering job there because the town is flooded with engineers.
Keep these two things in mind when you look for places to live after you graduate.
Good luck!