Palm Beach Relocation Guide

SPR-SUM 2016

The Palm Beach Relocation Guide is Palm Beach County's most respected relocation publication and is a MUST for anyone considering visiting, moving to, living in, or just wants to learn more about the Palm Beaches.

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Page 37 of 203

FROM ONE PAYCHECK TO THE NEXT Want to know how living in the Palm Beach County/Miami area compares to other cities? Assuming a $60,000 salary in the city you're moving from, we used a salary/cost of living calculator to do the math. If you made $60,000 in Atlanta for example, your salary in the Palm Beach County/Miami area would need to increase to $67,052 to maintain the same standard of living. See the table below for the results from a sampling of other cities. Source: Assuming a $60,000/year salary ------------------------------------------------------------------------------------------------ If you're moving from here…. You'd need to make… If you're moving from here…. You'd need to make… Atlanta $67,052 Philadelphia $56,288 Boston $47,209 Phoenix $70,345 Chicago $57,935 Pittsburgh $68,069 Cleveland $66,456 Raleigh $73,978 Dallas $69,834 Salt Lake City $69,689 Denver $61,592 San Diego $46,913 Detroit $70,418 San Francisco $38,535 Los Angeles $48,397 Seattle $48,712 Nashville $71,314 St. Louis $72,309 New York City $38,824 Washington-Arlington $38,451 PALM BEACH COST of LIVING Anyone who has ever relocated to another city knows that number crunching before packing up the moving van is the first step. After all, knowing how far your paycheck can stretch once you're in your new city is an important consideration for any relocating family or individual. If you're used to affordable housing prices, reasonable grocery bills, and inexpensive health care, you don't want to be surprised if your new city is much pricier. You'll want to make sure you can maintain your current lifestyle if moving from a city like Raleigh, NC, where the cost of living is lower. Conversely, if moving from San Francisco, you can sustain a reduction in income without reducing your present lifestyle. HOW PALM BEACH COUNTY MEASURES UP When compared to cities that are similar – in terms of major indus- tries and population, among other factors – your hard-earned dollar might not stretch quite as far in Palm Beach County. In fact, you'll likely pay more for housing, groceries, transportation, and health- care – and we've got the stats to prove it. You may pay less for utilities, which could be a factor of Palm Beach County's climate. The Council for Community and Economic Research is a national organization dedicated to economic development and policy research, and it publishes an annual Cost of Living Index that ranks a range of living expenses in major cities. The index measures differ- ences between areas in the cost of consumer goods and services, minus taxes and non-consumer expenditures. It also measures relative price levels for consumer goods and services in participating areas. The average for a participating place—both metropolitan and non-metro—is 100, and each city's index is read as a percentage of the average for all places. See the chart on the opposite page to see how Palm Beach County areas rank against other large metro areas, and you'll see that it's more expensive in just about every category measured to plant your roots here. Whether you're thinking about moving here, or have just made the move, it's safe to say that the Palm Beach County area is a thriving, desirable region, but paradise does not come cheap. 36 P A L M B E A C H R E L O C A T I O N G U I D E – S P R I N G | S U M M E R 2 0 1 6

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