What tools and resources do you use to determine if relocating for a job is a financially viable option?

Anonymous

December 26,2023 at 4:01PM UTC

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What tools and resources do you use to determine if relocating for a job is a financially viable option? The roles I am interviewing for are all in markets with higher costs of living.

Some of the websites I have used to determine cost of living I feel have underestimated cost of living where I am (especially in housing), so I am afraid it may be the same for the areas I may be moving to. If I make it far enough in the interview process and get flown out for an interview, I intend to get a feel for cost of living by visiting grocery stores, gas stations, etc., but I am still pensive about cost in terms of utilities, auto insurance. I also am pensive about the websites that determine take home pay vs gross depending on your location (tax breakdown); do you folks find those websites accurate?

I greatly appreciate any insights or resources anyone can provide!

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AnonymousDecember 26,2023 at 5:06PM UTC
As you look into this I always tell people to also look at your own buying habits. This is one of the most missed parts when people try to compare.
AnonymousDecember 26,2023 at 5:52PM UTC
As in, knowing how much is spent weekly/monthly on food, gas, etc.?
AnonymousDecember 27,2023 at 1:17PM UTC
yes, however, don't exclude habits like eating out, cost of entertainment, superfluous shopping buys (controllables), etc. Great opportunity to learn where you may need to cut back while maybe needing to pay more for food, gas (the uncontrollables)
AnonymousDecember 26,2023 at 7:36PM UTC
I look at property values, Propetyy tax rates, work from home v full-time in office, private school tuition (if that applies), food costs and different things I can gather from websites and community forums.
AnonymousDecember 26,2023 at 10:09PM UTC
There are a lot of good ideas here, but I'd like to add some. If you are moving to an area and working in a heavily urban setting from something more suburban, make sure you factor in the cost of things you may not be paying for now, like parking or public transit (depending on the location, etc.) You can always ask your insurance company for a quote on the new area, especially if you have a zip code for where you want to live. When I moved to the inner-city, I had to change insurance companies because the one I was with wanted almost to double my car insurance, even though I could then walk to work. The new company offered me a discount for driving under a certain number of miles a year. Not only do you factor in parking at work, but some places also have you pay for parking where you live, even if you own a house or condo. These added together can be hundreds of dollars a month.
Cierra GrahamDecember 26,2023 at 10:15PM UTC
Hi, I've relocated before and recruited people in the past to relocate for jobs I filled. Here's my go-to checklist to decide if a role is logically worth the move:
1) ADP's paycheck calculator is pretty accurate. It looks like they're still missing most local taxes, but grab the regional tax rates where applicable: https://www.adp.com/resources/tools/calculators/salary-paycheck-calculator.aspx
2) Niche.com - You can start by searching for the metro area or city in the search box, which will give you a list of neighborhoods. Each has a breakdown of demographics, median income, median housing costs, what homes are for sale in the area, along with school zoning. You also get crime & safety reports! This is a leading indicator of your car insurance costs (assuming you'll need one).
3) City-data.com - Similar to Niche, you can search by city, but their database is massive and longer-term - it can pull great info for the tiniest of towns. Search around for demographics, weather reports (an indicator of property insurance rates!), and socioeconomic information. There are forums for many areas that share a sense of the local culture.
I hope this helps! All of the same relocation factors could exist for 2 people; one loves it and stays a while, but the other moves back home in a year because the timing wasn't right or they just didn't like the change. I hope you make it further in the interview process and find all the info you need to make the best decision.
Kimberly AnneDecember 27,2023 at 1:15PM UTC
Use city to city compassion. Just google it. It’s truly awesome. I have moved often and it allowed me to see what was in store for us so I could plan accordingly. If you have to pay more for a mortgage or rent just adjust to shave off other places.
AnonymousDecember 27,2023 at 3:29PM UTC
Take any other payments you make regularly that won’t change into account. I was paying off old debts and the calculators don’t account for that expense. Your car payment won’t decrease with a new city either.