Tuesday, August 26, 2014

Cost of Living

“In spite of the cost of living, it's still popular”  Kathleen Norris

Cost of living is a factor that can have a great impact on relocating for a new career opportunity.  New York City and a few cities in California are some of the most expensive places to live in the United States.  These cities are home to many employers in our industry.

There are also great fashion industry employers in smaller cities in Wisconsin and Texas.  There are big employers in Pittsburgh and Philadelphia, Pennsylvania. Columbus, Ohio is home to some major brands/retailers as is Boston, Massachusetts; Portland, Oregon; Seattle, Washington; Baltimore, Maryland and Freeport, Maine.

It is a positive financial factor if you are leaving one of the expensive cities and moving to another region where housing and cost of living are less.  The employers in smaller regions pay very competitive salaries and you get to add the lower cost of living factor for a much greater discretionary income.

The challenge is if you want to head to New York City, San Francisco or Hermosa Beach, CA from a less expensive city.  Employers in the largest cities have similar salary bands and in some cases lower than the more remote regions because the talent in their local market is in abundance.  They are not able to make up the 105% increase in cost of living from Columbus, Ohio to New York City in their compensation packages. 

If your desire is to move to one of these hub cities it is best to do research and understand what it will cost you to live there.  Know ahead of time if you are coming from a remote region initially you will likely experience a reduced discretionary income.  It is up to you to weigh the options and decide what is most important. 

As a boutique search agency we hear candidates weigh in on this from opposite perspectives.  Candidates that make $110K in NYC say they would never leave the city.    They are completely satisfied and love their lives.  When someone from an area with a lower cost of living making a similar salary looks at moving to NYC for $110 they tell me they can’t imagine how they will survive.

Here are some resources to evaluate cost of living comparisons:

What are some factors that would motivate you consider taking a lower immediate discretionary income to move to a larger city?  Or...would you consider leaving the big city if it meant you could gain significant ground financially? 

Contact me at kari@apparel-resource.com to see what cities we have career opportunities in.

No comments:

Post a Comment