What if you could get a 20 percent discount on everything from beer to real estate? You can. You just have to move to Danville, Illinois.Wait, if you could make more money and pay less in Pittsburgh, you aren't going to move, but you will move from Ohio to Texas because of a maximum state income tax rate of 5.3% (as John Kasich claims)? I think we can ignore the moving for tax reasons claim (except for retirees wintering in Florida and other states claiming residence there). Unless people are really stupid. Ok, so maybe it is a real phenomenon. As for moving to a place with lower cost-of-living, I told my sister she could sell her place in Chicago and live like royalty in Ohio, but she isn't taking that deal.
And that's assuming you live in a town with average prices. Residents of Honolulu and New York, the two most expensive cities in the U.S., would see a 35 percent drop in their cost of living in Danville, according to new data from the Bureau of Economic Analysis.
Feel like moving to Pittsburgh? Now there's a city in a sweet spot, with cheap prices and, according to new BEA data that adjust average incomes for local inflation, relatively high incomes. Pittsburgh is 6.6 percent cheaper than the national average, and residents are the 36th best-paid in the U.S., bringing home almost $48,000 annually per person.
No one’s really going to move based on these numbers. But seeing where your income ranks compared to averages in other cities is always entertaining.
Sunday, April 27, 2014
Wait, What?
Bloomberg looks at differences in cost-of-living between cities:
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