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You probably tripled your living costs and taxes too. I also moved from Dallas to NYC, so can't argue, but it's not apples to apples.

vonmoltke 7y ago
Not really. I live in New Jersey, and just bought a house of comparable size to the one we had in Dallas for about 2x what we sold the Dallas house for. Other cost changes were, on average, flat if restricted to NJ. Doing things in Manhattan is certainly more expensive, but also not a daily occurrence. As far as taxes are concerned, they're higher, but in both places state and local taxes were a pretty small percentage of our outlay anyway. It's a bit hard to compare because the state income tax and higher property taxes are offset by lower sales tax (with broader exemptions) and less direct-billed government services.
peakay 7y ago
Luckily the gains from tripling compensation usually far outstrip the losses from tripling living costs and taxes.
- fjp 7y ago
  Yeah... there's so many obvious counterpoints to everyone's knee-jerk "well you also upped your living costs!" reaction. Number 1 is relevant for many many people: Any pre-existing loan. Student loans, car loans, etc. It won't change, and you'll have more money to pay it off. On the same thought train, while cars sell for different prices in different places, they do not double or triple. Not even close.
balfirevic 7y ago
> You probably tripled your living costs and taxes too. Even if entirely true (which is not immediately clear - does the car or phone or laptop cost triple in NYC?), that is by itself a great deal.
teppifk 7y ago
1. The living costs of NYC are not triple what they are in Dallas (obviously there is some choice to this), but triple is grossly exaggerating the difference. 2. Even if triple was correct, since the living expenses are not 100% of your pay in either case - you're still better off living in NYC in terms of savings - I hope you can do the math to see this.
- hellofunk 7y ago
  For the same overall quality of living conditions and environment, the living costs of NYC are certainly over double and probably close to triple of Dallas. If you are comparing "nice Dallas" with "distant Queens" then maybe you are right, but that's not the comparison most are thinking of.
  - esoterica 7y ago
    The rent might triple but almost everything else is either the same cost or only moderately more expensive. If you want to buy a Tesla or an iPhone or pop over to Prague on vacation that’s not going to be cheaper in Dallas. Some stuff like eating out will be more expensive, but not 3x more. Your total living expenses won’t go up 3x.
pb7 7y ago
And if your living costs are 100% of your net income then you’re doing something wrong. For most people, this move will still result in 3x savings which means either earlier retirement or more money in retirement.
czbond 7y ago
As a native Dallas-ite, who moved to Denver.... there is much more to compare for getting the heck out of concrete-strip-mall-culture-void Dallas than cash. Denver? Pay is ok'ish, but the mountain biking is amazing! Edit: However, the people in Dallas are the nicest I've met. Really miss southern hospitality compared to here, where everyone thinks I'm hitting on them for being so outgoing...

vonmoltke 7y ago

Not really. I live in New Jersey, and just bought a house of comparable size to the one we had in Dallas for about 2x what we sold the Dallas house for. Other cost changes were, on average, flat if restricted to NJ. Doing things in Manhattan is certainly more expensive, but also not a daily occurrence. As far as taxes are concerned, they're higher, but in both places state and local taxes were a pretty small percentage of our outlay anyway. It's a bit hard to compare because the state income tax and higher property taxes are offset by lower sales tax (with broader exemptions) and less direct-billed government services.

peakay 7y ago

Luckily the gains from tripling compensation usually far outstrip the losses from tripling living costs and taxes.

fjp 7y ago
Yeah... there's so many obvious counterpoints to everyone's knee-jerk "well you also upped your living costs!" reaction. Number 1 is relevant for many many people: Any pre-existing loan. Student loans, car loans, etc. It won't change, and you'll have more money to pay it off. On the same thought train, while cars sell for different prices in different places, they do not double or triple. Not even close.

balfirevic 7y ago

> You probably tripled your living costs and taxes too. Even if entirely true (which is not immediately clear - does the car or phone or laptop cost triple in NYC?), that is by itself a great deal.

teppifk 7y ago

1. The living costs of NYC are not triple what they are in Dallas (obviously there is some choice to this), but triple is grossly exaggerating the difference. 2. Even if triple was correct, since the living expenses are not 100% of your pay in either case - you're still better off living in NYC in terms of savings - I hope you can do the math to see this.

hellofunk 7y ago
For the same overall quality of living conditions and environment, the living costs of NYC are certainly over double and probably close to triple of Dallas. If you are comparing "nice Dallas" with "distant Queens" then maybe you are right, but that's not the comparison most are thinking of.
- esoterica 7y ago
  The rent might triple but almost everything else is either the same cost or only moderately more expensive. If you want to buy a Tesla or an iPhone or pop over to Prague on vacation that’s not going to be cheaper in Dallas. Some stuff like eating out will be more expensive, but not 3x more. Your total living expenses won’t go up 3x.

pb7 7y ago

And if your living costs are 100% of your net income then you’re doing something wrong. For most people, this move will still result in 3x savings which means either earlier retirement or more money in retirement.

czbond 7y ago

As a native Dallas-ite, who moved to Denver.... there is much more to compare for getting the heck out of concrete-strip-mall-culture-void Dallas than cash. Denver? Pay is ok'ish, but the mountain biking is amazing! Edit: However, the people in Dallas are the nicest I've met. Really miss southern hospitality compared to here, where everyone thinks I'm hitting on them for being so outgoing...