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For me location would be a huge factor. Would I be happy making the same salary as the place I left would factor into my decision. I would be really interested in what state you live in now and what state are you considering moving to.
This is me, too. Money would have zero to do with my initial decision.
Would I consider leaving Cleveland for Charlotte? Not a chance.
Buffalo? No way.
Savannah? Now I'm thinking maybe... but it would take more money as housing is more costly there.
How much of a salary bump is enough to pack up and relocate to another state?
I currently make $38,000 a year and am pretty much going to be stuck around that figure if I stay where I am. No upward mobility. If I want to do better, then I likely have to cast a wider net and move elsewhere. I'm also concerned about layoffs where I am now, which is heightening my search.
I've applied for other similar jobs recently that I suspect (based on industry knowledge) pay $45,000 to $50,000 a year in areas with comparable costs of living. I've had two interviews for one of the jobs. Another $7,000 to $12,000 would certainly help. Over the next five years, it's another $35,000 to $60,000.
I wouldn't relocate to make $40,000 somewhere else. But what about $45,000 or $50,000? It's tough knowing what that bottom line number is, the threshold where relocating probably makes sense in the long run. I think the higher in the 40s(+) it is, the easier to justify, but what's the cut-off?
I have a ways to go on my apartment lease (next summer) so if I get a job elsewhere between now and then, I'm going to have to break the lease. That would probably cost $4,500 if I do it and give 60 days notice, assuming whoever hires me lets me stay behind for 60 days. Breaking it and just bolting would be 3-4 times that number, and that I couldn't swing.
There would be issues/costs with breaking my lease unless I apply to, and get offered, a job in a pretty tight two-month window towards the end of my lease next summer. Month-to-month leases weren't an option.
You have to figure a few thousand for moving expenses, potentially. Though I could be surprised, I wouldn't expect much in the way of relocation assistance from employers. Maybe $500 at best.
The other factor is my finance, soon to be wife. She currently makes about $36,000 and that's only because she's been at her current employer for a number of years and has had raises. If she were to start somewhere new, she suspects she would have to take a few thousand dollars hit. But maybe not, who knows. It's also unclear how quickly she would get a job elsewhere. Maybe she finds another field that pays more.
Any thoughts from anyone who has relocated before?
$50K is a decent increase, about $180/week.
$45K would be okay. $100/week.
$40K would be not worth it, as you correctly say.
My rule of thumb is, if I can't get at least $1000/month extra (after taxes), then it's not worth making the jump, unless there's some other thing motivating me -- a lousy boss or crappy work environment, for example, better advancement opportunities at the new place, etc.
Also, make sure you are out of debt and have built up a financial buffer. Maybe waiting until the end of your current lease makes sense, if you're able to make yourself put aside a little every week. Even, get a part time job at the mall or wherever, to pack away extra funds for a rainy day.
No job will be your forever job, and highly unlikely the company will be your forever company. So it boils down to this - can you find other comparable jobs in the new city (cities)? If not, that's a big risk to take for what amounts to not much more money.
How about working your way up in your current company? Not an option?
How much of a salary bump is enough to pack up and relocate to another state?
You didn't say Which city & state you currently live in
You also didn't mention what city & state you want to move to.
To figure out what salary bump you need to make a relocation, you must compare your current city & state cost of living to the new city, state, cost of living.
Let's say you're in Chicago. Move to NYC and you need to double your income to make it worthwhile. Move to Silicon Valley and that's a 3.5x factor.
But if you move to some parts of the USA, you can get a lower cost of living and still keep your current salary, you'll be ahead.
You couldn't give me enough of a bump to move if I ultimately didn't want to. That sounds like a recipe for disaster.
But let's assume you liked the new place as much or slightly more than your current place and they had a similar cost of living. I would probably need a 40% bump to make that worth the effort.
Once again, that's assuming I was open minded to the move, but it's worth reitering that for me, it wouldn't be about the money. If I wanted out of my current location, I would move, and if I didn't, no amount of money would make that worth it to me (well, I suppose if you got up around 500k/yr I would live just about anywhere for a short while, but that's unreasonable)
Last edited by Citykid3785; 08-18-2021 at 07:07 AM..
Move to San Francisco from Chicago and your cost of living goes up 3.5x.
You still didn't mention your current location.
You also didn't mention your occupation.
I think the OP is saying that the COL in the places he's considering is about the same.
He's not saying the COL doesn't matter in general. Just in his scenario.
I would definitely move for a higher salary/COL ratio. If I was offered a 15% bump to move to NYC or SF that would be a hard no, it would be a net pay cut and major decrease in quality of life.
If I was offered a 15% bump to move to Atlanta or Charlotte I would be very inclined to take it.
From where I stand, there's so much that goes into this equation. Everything from COL to weather to general quality of life play a role.
I'd gladly move to another area with the same pay and same COL if I was escaping a poor quality of life in my original location. What I would be hard pressed to do, however, is move to a higher COL area if I'd be making the same or substantially the same pay.
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