Salary Calculator - How Far Will My Salary Go In Another City? What is the breakdown of the cost of living? Assess pay equity and competitive pay for job positions throughout the world. Using salary survey data, the following observations have been made: From the data, base salary can be determined, based on differentials, and used to determine appropriate, fair, and equitable salaries for the candidate in each location, assuming 100% of the market value in terms of experience, skills, and knowledge: If labor supply is short in some areas, jobs will reflect that. When evaluating offers, please review the financial institutions Terms and Conditions. San Jose, CA . under which this service is provided to you. Here's how to know how much you really need. Check out what your job is worth or what it would cost you to relocate, Get an in-depth analysis of what your job is worth, Find out about salaries and what different jobs are worth, Compare the cost of living in locations around the world, Check out the cost of living in specific cities, states, or countries. When comparing a new location against the base city, the resulting numerical score indicates where the cost of living will likely be higher or lower between the two locations. 1 Look at the cost of living index for each of the cities. Subscribe to our white papers, blogs, and newsletter emails to, Exploring Remote Work in the U.S. in 2023: Understanding Compensation for Remote Employees, Mastering Pay Equity for Compensation Professionals. Evaluate your relocation decisions using information like employment statistics, crime rates, and more. A cost of living index tracks typical living expenses over time for housing, food, healthcare, clothing, entertainment, childcare and other costs across different regions. The 15 Best Salary Calculators and Comparison Tools - CareerAddict lower Healthcare costs: On average, Americans spend almost $5,500 per year on healthcare costs. Health care index. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Modified date: Apr. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Compare salaries in cities - Teleport Eightball They are designed as a tool to create equitable compensation across labor markets, to the degree of verifiable differences in competitive salary levels across labor markets, most commonly using salary survey data. All Rights Reserved.Terms The cost of living in Los Angeles, California is 12.5% more expensive than the cost of living in Chicago, Illinois. Factset: FactSet Research Systems Inc. 2018. Seattle 50 %. Utilize our cost of living comparison calculator to perform both national and international cost of living comparisons and find out what it would cost you to move from your current city to your city of interest. How is this tool different from other resources out there? A cost of living comparison can estimate how far your salary will go based on location. Get free guidance on changes you can make to afford more home, without spending more. While many pay comparisons focus on the base salary, they can also include other pay elements as well, including bonuses and incentive pay vehicles. You might be using an unsupported or outdated browser. For employers, take a look at our Relocation Assessor to see how our cost of living data can help you with relocation decisions. Compare national averages and analyze cost of living by country to make your international transition as easy as possible. To compare cost of living between more than one location, see our cost of living comparison calculator. Select two cities to compare, anywhere in the world Search for a city. Healthcare ate up $5,452 of the average annual household budget in 2021roughly $454 per month. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. Other costs in the healthcare category include medical services and supplies and drugs. Whether you're planning for an upcoming move or just curious about the cost of living in other cities, the PayScale Cost of Living Calculator is the place to begin your research (or daydreaming). See where others are looking to move with some of our most popular cost of living comparison searches below. So when deciding where to live, determine whether your income level will be able to keep pace with cost of living increases. Because the price of goods and services varies from one city to the next, calculating the cost of living will determine how affordable it is to live in a certain area. 2021 The average American household spent roughly $5,577 per month in 2021. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Organizations must consider alignment with the overall compensation philosophy and talent strategy. Disclaimer. Enter your cities to compare. Just enter your salary and job title as well as your current location and the city where you're considering a move. You can use these resources to find the median or average salary for your job title in your area, the anticipated pay trajectory in your career path, and other related data points to help you . This information may be different than what you see when you visit a financial institution, service provider or specific products site. Cost of living in Singapore is 64% more expensive than in Dubai. Crowdsourced data is a vital part of the Internet, help us become better! Home prices, property taxes and monthly rents vary from state to state, city to city, town to town and even neighborhood to neighborhood. Cost of living: How far will my salary go in another city? Basic lunchtime menu (including a drink) in the business district in, Standard men's haircut in expat area of the city in, Monthly rent - 85 m2 furnished accommodation in expensive area in. Unless youre lucky enough to work from home, you will need to factor in transportation costs when deciding where to live. Best Credit Cards for International Travel, Grocery store accessibility and dining choices. 2023 Forbes Media LLC. For employers, see how our Geographic Assessor can help you calculate the cost of living for relocations and expansions to see if your business is sustainable in a certain state. If youre moving to an area with excellent public schools, your education costs may remain low most Americans pay about $1,200 per year but if you decide youd prefer private schools for your child, this may also factor into your cost of living. The federal minimum wage is $7.25 per hour in 2023. Cost of Living Calculator, City & Salary Comparison Tool | MYMOVE Our Cost of living calculator will compare two cities with dozens of comparison and data points. A salary comparison, also known as a wage comparison or pay comparison, is a comparison of the pay for two or more positions, either within your organization or outside of it. Privacy Policy. Although theres no federally reported cost of living index, organizations such as the Economic Policy Institute and Council for Community and Economic Research provide tools to calculate and compare costs. A WarnerMedia Company. If youre moving to an area with excellent public schools, your education costs may remain low most Americans pay about $1,200 per year but if you decide youd prefer private schools for your child, this may also factor into your cost of living. Cost of Living by City Check out our most popular cost of living by city list and see how far your salary would take you in those cities based the expenditure components described above. We believe everyone should be able to make financial decisions with confidence. Researchers conducted price collection in each city at a specified time and followed specific standards. The original source for International Cost-of-Living Comparisons 3,682,000 prices; 229 cities; 229 countries; 426,500 contributors; Cost of Living Index by Country Scale: 46 . Cost of Living Calculator | PayScale Cost of living indexes typically use numerical values when measuring and comparing affordability, often working with either the national average as a benchmark or a base score of 100 for a specific city. Typical salary and offer negotiations allow employers to consider offsetting the relocation expenses to ease the adjustment due to a higher cost of living. Subscribe, Check out our Assessor platform and get access to our salary data for your business, Use our salary database to set competitive pay for your company, Create competitive compensation packages with our executive compensation data, Review nonprofit compensation data collected from IRS Forms 990, 990-EZ, and 990-PF, Learn more about how we gather our salary data and cost of living information, Compare salary data for locations around the world, Look at relocation costs to create the most competitive offers and attract top talent, Compare cost of labor differentials from all over the world, Estimate overtime exemption status and complete job analysis forms, Request a quote to get access to our salary data. The average after-tax salary is enough to cover living expenses for 1.6 months in New York City . from visitors like you. Prices for goods and services in New York City and Seoul are partly crowdsourced by our visitors, just like yourself. Your income will also become stretched with childcare costs if you plan on starting or expanding your family, so factor that into your decision-making when investigating where you can afford to live comfortably. If you can't find a city, you can type the state name to see all cities available in that state. Cost of Living Comparison; Cost of Living Calculator; Cost Of Living Index (Current) Cost Of Living Index; Cost Of Living Index By Country; Cost of Living Estimator; Food Prices; . lower. Cost of Living comparisons for thousands of cities. How much must the organization pay for competent labor in the current market? Payscale Payscale's free salary calculator can be used by recruiters, employees, potential job applicants, and managers. Enter the title of your current job. For the latest in HR and compensation news, subscribe to our monthly e-newsletters, blogs, and white papers. Americans spend an average of more than $3,500 per year on entertainment. Compare cost of living between cities: vs. Collaborative international cost of . To get the best mortgage loan, know how much you can afford and shop like the bargain hunter you are. Besides cost of living expenses, there are other factors youll want to weigh when determining the best fit for you to relocate. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. For example, an engineer living in St. Louis considers relocating to Atlanta, Los Angeles, or Nashville. This international cost of living calculator allows by city and by country comparison worldwide: 9294 cities and 197 countries around the globe. There are also maintenance costs, upgrades, taxes and fees to take into account when deciding where to live. New York City vs Seoul comparison: Cost of Living & Prices - Livingcost.org Transportation index. It takes into account cost of living, income tax, and currency rates (mostly). To maintain your standard of living in San Francisco, If you want more information about one of the cities youve compared, you can use NerdWallets City Life tool for data on local schools and businesses, walkability and demographics more than basic cost comparisons. You can find raw cost of living index numbers online at many different websites by searching for "cost of living index." It's a good idea to work with several different indexes, rather than just one, because index numbers are often calculated in different ways. On the other hand, if you need to be location-flexible or dont have enough funds built up yet for a down payment, renting is probably the better option. The candidate is free to negotiate salary and offer package (e.g., bonus potential, relocation, etc.). ; then you receive a list of cities that meet your priorities. The employer is primarily concerned with market competitiveness. Get matched with a top agent in your area. When evaluating offers, please review the financial institutions Terms and Conditions. Here is a list of our partners. This category includes your rent, mortgage payment including interest and property insurance or other fees. Select two cities below to see a price comparison based on a variety of indicators, including restaurants, groceries, clothing, transportation, and more. Learn about SalaryExperts 30 years of experience in salary data and compensation analysis, Reach out to us with any concerns or questions. The compensation strategy should reflect where the company wants to pay in relation to what the market and competitors for talent are paying for jobs in each location. higher. 9,831 ($8) $22. Find market rates for jobs by location, industry, and size. NerdWallet strives to keep its information accurate and up to date. Morningstar: 2018 of the cost of living of any city before you move there. Full Cost of Living comparison Seoul vs Washington D.C..