As many as 23 million Americans are planning to move in the coming years, thanks in part to the growing shift toward remote work—and 53% of that 23 million plan to move somewhere more affordable.1
Here's a look at how much more—or less—you'd need to maintain the same standard of living in the most populous metropolitan area of each state, plus Washington, D.C.2 For example, if you earn $250,000 and live in Houston—where the cost of living is near the national average—you would need to make about 15.5% more ($288,700) to maintain the same standard of living in New York City, or 11% less ($221,925) in Charleston, West Virginia.
1Economist Report: Remote Workers on the Move, Upwork, 10/2020.
2Regional Price Parities by Metropolitan Statistical Area, 2020, Bureau of Economic Analysis, 12/14/2021. Percentages indicate how much more or less expensive a given metropolitan area is relative to the national average.
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.
All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.
Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.0322-1XZ7