110k in Miami vs elsewhere?

Apr 2 13 Comments

I'm currently making 110k base in Miami. All the COL calculatora say I need to make 200-300k for SF or NYC. Is it worth trying to get a better job? Or even possible to make as much?

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TOP 13 Comments
  • Pinterest PJqy52
    Cost of living calculators should be applied to your spend not your income.

    For example if you make $100k but spend $50k per year, and the new city is 3x more expensive, you need $150k to break even not $300k.
    Apr 2 5
    • I had never seen as good an explanation as this for this COL adjustment problem
      Apr 2
    • Pinterest PJqy52
      Thanks :)
      Apr 2
    • Pinterest PJqy52
      (the one adjustment you still need to make on the income level is taxes... but that's not accounted for in cost of living calculators usually)
      Apr 2
    • Lyft graveler
      You actually need $200k to break even (save the same $50k)
      Apr 13
    • Yeah that's a good distinction. 150k to break even on expenses, 200k to save same amount. 3x more expensive is far fetched as well though
      Apr 13
  • Facebook Haggle
    Eh depends on what you want. I save like 100k each year so for me I’d rather have more money in my bank even if my COL is higher.
    Apr 2 2
    • OP
      How much do you make and spend? I don't know anyone saving that much
      Apr 2
    • Facebook Haggle
      I make about 230k. About 30 some percent taxes, some in housing, food, vacation costs
      Apr 2
  • Amazon / R&D
    ps.ily

    Amazon R&D

    PRE
    Google
    ps.ilymore
    Where are you working now OP? Miami has no tech presence
    Apr 2 1
  • Expedia Ytdj51
    The col will depend a lot on where you want to live and what your lifestyle is like. If you commute from farther away and don’t blow money, your col increase will be way less than your pay increase
    Apr 2 0
  • Microsoft Jeph Bezos
    Having moved from Miami to SF, I can tell you the COL calculators are somewhat exaggerated. Keep in mind that once you apply to SF, you’re TC will be closer to 200 anyway.
    Apr 2 0