Adjusting For Cost Of Living Differences After A Non-Local Move
Every town in America has its own Cost of Living
Moving to a new metropolitan area requires adjustments. There's new streets to learn, new weather patterns to get used to, and new social cultures to assimilate.
There's also new costs.
Just like home values vary by area, so does the Cost of Living. To visit a doctor in Chicago, as an example, costs a person more than to visit a similar-type doctor in Des Moines.
Cost of Living adjustments can't be ignored between two cities because it changes a household's budget.
And while it's a challenge to know exactly how far your dollar can stretch in a new town, Bankrate.com hosts a helpful Cost of Living Comparison Calculator to make the math a little easier. With categories such as dry cleaning, groceries and beauty salon, the calculator goes extra deep into the typical costs to a household, and can help families to make more realistic budgets.
The calculator also shows the equivalent household income between any two metropolitan areas.