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There is a difference if you move from 50k to 100k versus if you move from 450k to 500k.
120 in MCOL is equal to about 150 in HCOL. So you get a bit of a bump there. There are more finance opportunities in larger cities than smaller cities so you have to assess your future earnings potential.
I would check to see the rent difference between the two cities. Typically the biggest difference from switching to a city with a higher COL is usually housing. Food and other costs normally aren’t going to be that substantial unless you’re going from the Midwest to LA or NYC. Other thing to consider is if you were to buy a house in the future in the HCOL. HCOL median home price can be significantly more expensive than MCOL cities
Rising Star
Good point to check! Thank you!!
Provide more info about the move and your spending habits
Rising Star
I would say I’m more of a saver than a spender. I save about 50% of my income per paycheck. I’m worried since I’ve heard HCOL is very expensive and if i were to move, i might actually save less than here due to the high costs.
Not enough info. How much are you saving now? How close are you to living paycheck to paycheck
Rising Star
I would say I save about 50% of my income now but with the new base, I’m hoping I can increase it but the hesitation is due to the living costs
As a financial analyst you should have provided the following. What is the COL factor delta. What is your current consumption level at current COL vs expected at the new and what is the after tax implications of the two locations. Maybe you might get a better answer.