Another cost of living chart

[timo2]

This might have some relevance to some folks.

"The data come from our new True Cost of Living Tool. It’s kind of a big deal because it lets you drill down to a specific city and search through layers of relevant information to understand exactly how much money it takes to live in any given area. We stitched together a variety of different reputable sources, like the Bureau of Labor Statistics for income levels, the National Bureau of Economic Research for tax data, and the U.S. Department of Agriculture for the cost of food. Basically, you can check our work"

https://howmuch.net/articles/where-the-working-class-can-afford-to-live

 

[Blue Collar Guy]

Nice, just what I already knew, NY minus 90 Thousand, All that talk of well you got to consider proprty tax, sales tax, etc. I did consider it. I didn't need a study , I live it, Jacksonville Meet your new future resident. BTW, I dont know about now, But 5 years ago you took your life in your hands if you moved to Newark NJ. Thanks for posting this. Confirms my negative cash flows.

 

[W2R]

We're at -$22.9K.

For some reason, I think the COL is not too bad here. Well, except we are in a housing bubble right now, so maybe that explains it. Asking prices are enough to make your eyes water. Even rents are sky high. Luckily, we both have paid off homes.

The article's best cities for COL are mostly in Arizona, and then Newark NJ. We don't want to live in any of those places so I guess we are in the right location for us.

 

[RobbieB]

I checked my little central valley location and I'm dark green and up 33 grand.

Yup, not all of CA is expensive -

 

[Blue Collar Guy]

We're at -$22.9K.

......Well, except we are in a housing bubble right now, so maybe that explains it. Asking prices are enough to make your eyes water. Even rents are sky high. .....

The neighbor just sold his house for over a million dollars, It was a borderline wreck/total rehab needed.(my opinion), the new people moved right in. Something has got to give, even a 2 income household cant buy a regular place around here anymore.

 

[ExFlyBoy5]

even a 2 income household cant buy a regular place around here anymore.

I didn't think this was really anything new in NYC...crazy expensive to live there.

For some reason, I think the COL is not too bad here. Well, except we are in a housing bubble right now, so maybe that explains it. Asking prices are enough to make your eyes water. Even rents are sky high. Luckily, we both have paid off homes.

The article's best cities for COL are mostly in Arizona, and then Newark NJ. We don't want to live in any of those places so I guess we are in the right location for us.

There is a LOT of value in living in a paid for house. We live in a fairly affluent area and if I were buying my house today (bought it in 2012), I would be priced out of the area. So, I get to enjoy many great perks of an affluent area without having to leverage my finances w/ a mortg*ge.

 

[W2R]

The neighbor just sold his house for over a million dollars, It was a borderline wreck/total rehab needed.(my opinion), the new people moved right in. Something has got to give, even a 2 income household cant buy a regular place around here anymore.

Well, they are not THAT bad here, yet. But they are getting worse. People have lost their minds.

 

[ncbill]

The neighbor just sold his house for over a million dollars, It was a borderline wreck/total rehab needed.(my opinion), the new people moved right in. Something has got to give, even a 2 income household cant buy a regular place around here anymore.

50 year mortgage becomes the new standard in HCOL places like NYC & CA?

 

[Blue Collar Guy]

50 year mortgage becomes the new standard in HCOL places like NYC & CA?

They were routinely offering 40 year ones a few years ago.. My brother in law took one.

 

[aja8888]

I remember sub-prime mortgages.....history repeating itself?

 

[Teacher Terry]

So the bottom right side of WI has a bright pink circle when in fact you can buy a decent house in Kenosha, WI for 100k. Yet all of NV is a light grey and in Reno the average house now is 360k with the overall cost of living higher then Kenosha. I am not putting a lot of faith in this calculator.

 

[youbet]

There is a LOT of value in living in a paid for house. We live in a fairly affluent area and if I were buying my house today (bought it in 2012), I would be priced out of the area. So, I get to enjoy many great perks of an affluent area without having to leverage my finances w/ a mortg*ge.

I don't think it's a matter of whether you're carrying a mortgage or not, it's a matter of whether you bought and fixed a price years ago. Even if real estate values sky rocket, your fixed rate mortgage would stay the same so you could still afford it.

As long as you purchase for the same price, whether you withdrew from investments to pay for the house or you partially financed with a mortgage, doesn't matter.

 

[Blue Collar Guy]

So the bottom right side of WI has a bright pink circle when in fact you can buy a decent house in Kenosha, WI for 100k. Yet all of NV is a light grey and in Reno the average house now is 360k with the overall cost of living higher then Kenosha. I am not putting a lot of faith in this calculator.

Hahaha,

 

[Just_Steve]

Something has got to give, even a 2 income household can't buy a regular place around here anymore.

Thats why I bailed out of NYC in 95, couldn't afford it then and couldn't afford it now. Life in suburbia is working out well.

 

[Blue Collar Guy]

Thats why I bailed out of NYC in 95, couldn't afford it then and couldn't afford it now. Life in suburbia is working out well.

I should have followed you. Add that to my big mistake list. I started making money around 1989, by 1995 i was doing well. I could have snatched up a nice house in orange county for 115k. My sister in law bought one in Montgomery village for about that . He was a fireman, so only 2 travel days a week.

 

[aja8888]

So the bottom right side of WI has a bright pink circle when in fact you can buy a decent house in Kenosha, WI for 100k. Yet all of NV is a light grey and in Reno the average house now is 360k with the overall cost of living higher then Kenosha. I am not putting a lot of faith in this calculator.

Ever been to Kenosha? I have...no jobs left unless you run a bar.

 

[Walt34]

So the bottom right side of WI has a bright pink circle when in fact you can buy a decent house in Kenosha, WI for 100k. Yet all of NV is a light grey and in Reno the average house now is 360k with the overall cost of living higher then Kenosha. I am not putting a lot of faith in this calculator.

I see this too in the red bubble around Washington, D.C. We live in northern WV (included in the red bubble) and moved in 2002 from near D.C. There is a world of difference in the COL in any part of WV and D.C. The house we're living in now we couldn't have dreamed of there. Put this house within 20 miles of D.C. and it's a multi-million $$$ place. We wrote a check for it in WV.

 

[Blue Collar Guy]

Ever been to Kenosha? I have...no jobs left unless you run a bar.

As usual I have a story. My very fist radio car partner and I said when we retire 20 years to the date of hire were were going to Florida and opening up a TIKI Bar. We didnt care if we made money , just as long as the place wasnt a drain on our pensions. He figured if we broke even he would be ahead of the game as he spent most (all?) of his paycheck at the local Gin Mills. Fast forward, he left 20 years to the date of hire. Still single. I chickened out and stayed 5 years extra(5 years 9 months and 3 days). We tried to open a bar here, but doing business around here is more than a tiki bar hobby. Maybe we need to look into this Kenosha place?

 

[Teacher Terry]

Ever been to Kenosha? I have...no jobs left unless you run a bar. __________________
Yes I am from there and go back all the time to visit friends and family. they all have decent jobs.

 

[Blue Collar Guy]

Ever been to Kenosha? I have...no jobs left unless you run a bar. __________________
Yes I am from there and go back all the time to visit friends and family. they all have decent jobs.

How do you think Id make out running a tiki bar?

 

[Curmudgeon]

Interesting data, but probably not relevant to most of us. I think what they are doing is taking the average cost of living, and subtracting it from the average income. But
1) Most of us don't make the 'average income', in fact if you are retired your income is probably fixed and has little to do with where you live or move to
2) Most of us don't care about the cost of housing, because we already own a house which is mostly or totally paid off
3) It doesn't take into account the special tax situations which affect retirees and can significantly affect for net.

Very relevant though, for a young worker trying to figure out where to locate.

 

[Teacher Terry]

Maybe try a Packer bar) YOu won't like the property tax though but hey you will get services for your $. WE have honestly thought of moving back to retire for the LCOL but hey in Reno I wear a sweater as my winter coat. Not so much there.

 

[NW-Bound]

Glad to see AZ having 3 cities in the affordable list. But is housing the main thing that drives the COL?

I know that homes in CA are outrageously expensive, and homes in AZ have much lower prices. But just recently, watching HGTV as we only do up here in the boondocks home which does not have broadband Internet, we were amazed at the prices of homes in other places in the country. We saw homes going for $200-300K that would be worth $300K-400K in AZ.

So, perhaps there are other factors, such as food cost, fuel, utilities, etc...

 

[aaronc879]

So the bottom right side of WI has a bright pink circle when in fact you can buy a decent house in Kenosha, WI for 100k. Yet all of NV is a light grey and in Reno the average house now is 360k with the overall cost of living higher then Kenosha. I am not putting a lot of faith in this calculator.

It's not just about COL, it also includes income. Most places in WI are lower income.

 

[Blue Collar Guy]

Maybe try a Packer bar) YOu won't like the property tax though but hey you will get services for your $. WE have honestly thought of moving back to retire for the LCOL but hey in Reno I wear a sweater as my winter coat. Not so much there.

I look good in green. Ill take it up with my ex partner. If he stays sober enough to listen to the conversation.