Here's the next item I wanted to cover from Kiplinger's "The Best List" (November issue.) Today, we're highlighting the best cost-of-living calculator:
The Best Cost-of-Living Calculator: Moving.com
The calculator at this site doesn't just tell you what your salary would be worth in a different city. For example, if you own a home and want to buy another, fill in basic mortgage details for both cities and the calculator will estimate your payments and property taxes. You'll also get an estimate of how much you'd gain or lose on state and local taxes, auto insurance, sales tax and electricity bills.
I tried the calculator and it really is pretty good. I put in details as if I was moving from Michigan to New York City and got back a detailed list of how I'd be better or worse off financially (all were worse off in this case) relating to car insurance, taxes, housing costs, etc. The net cost? I'd lose $75,552 in cash in the first year by moving to NYC. Yikes!!!!
For my thoughts on moving to a less expensive city to save a bundle, see How Moving to a Cheaper Cost-of-Living City Can Make You Rich (Hint: It may save you $1 million or more!)
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