30. December 2013 13:52
In our latest cost-of-living comparison using data from ERI’s Relocation Assessor, we examine a professional relocating from Austin, TX to three other U.S. locations. The analyses are meant as one-to-one comparisons based on replicating a typical professional lifestyle with annual earnings of $125,000 in Austin. In addition to the total cost-of-living comparisons, we’ve provided differentials for each of the major expenditure pattern components: consumables, transportation, health services, housing, and taxes.
· Replicating a typical $125,000 Austin lifestyle in Salt Lake City requires $127,798, with decreases in monies spent on the housing. A sizable portion of the increase is due to the income/payroll taxes category. Unlike Texas, Utah has state income tax.
· Boston data illustrates a $28,476 higher cost of living, with housing costs and consumables comprising the majority of the increase and transportation costs slightly lower.
· Not surprisingly, housing in Seattle is significantly higher, which results in overall cost-of-living differential close to 15% higher than Austin. Consumables and transportation also contribute to the higher cost of living.