higher cost of living
I would be moving from Vermont to the D.C. area. What resources are there to determine the differences in the cost of living? How would i factor the increased cost of housing, car insurance etc. into my salary requirements? I don't want to lose ground in what my salary buys. How can I tell if I would be losing ground?
Odd as this may sound, not everything about differences in the cost of living between one location and another can be found on-line. You can call the Washington area Chamber of Commerce for current cost of living data for the metro Washington area. You can call the Washington area Economic Development Commission or Corporation for similar data. Try calling the utility companies for their rates. Check area newspapers for the cost of housing. Ask your current insurance agent for differences between the going rates in Vermont and D.C. Once you have a decent idea of how much higher the overall cost of living is, you should be in a position to factor that percentage into your anticipated salary range to insure that you really are advancing your career by making this move. Ordinarily, the rule is it's not worth switching jobs for an increase in salary of at least 10% to 15% more than you're earning now. In your situation, that rule would still apply, plus an additional percentage that covers the difference in the cost of living. There's really no easy way to collect this data. It will take some homework on your part to make sure your anticipated salary range enables you to reasonably gain ground, not lose it. Paul W. Barada The Negotiation Expert While I can't confirm the accuracy of the calculations - the NY Times seems to have a pretty decent caclulator. At least something to give you an idea. It is: http://salary.nytimes.com/ The Bureau of Labor Statistics (bls.gov) may help. Also homefair.com. I have used Robert Half's salary guide in the past which includes CoL variations for different regions/cities and have found it fairly accurate for accounting jobs. The easiest way is to make your own shopping cart of goods and services from the DC area and see what they cost. Housing (own or rent), car insurance, tax rates, etc... should give you a general idea as to the cost of living in that area. However regardless of what it costs to live there, what you will get paid is based on the market value of the job. So once you have an idea of the costs, look at the same or similar jobs in the DC area that require the same of similar education and experience and see what they are paying. If the jobs pay more than it will cost you to live in the DC area, great!. If the pay is less, you either need a better paying job or maybe relocating isn't in the cards for you. | |
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