Overall (taxes,living,etc) Where is better for young professional with no debt, NYC,LA,MIAMI,CHICAGO,HOUSTON or Denver?

Question

Where is cheaper/ more affordable and better for being able to save some money as well. Single young professional not a big spender with no debt, just like to get an apartment in a good area and be able to save a good amount of money throughout the year. Is there a big difference between the 5 cities cost/money wise or is it fairly similar? i no some of these states has income tax, does this make a HUGE difference? Any preferences from any one living in either place would be great as well. I have a few different job location options and have some time to make up my mind and would like to make the best decision economically, will be making around 55-65k annually to start if that helps.These are officially my top choices as i have narrowed it down and visited all and have good idea of living, the taxes are where i am lost and want to no if income tax will make a big enough difference for me to not pick one of the bigger cities and need to make a decision by the end of the week. Thanks

please no dumb responses or repetitive from the same ppl, maybe im looking for a variety of answers and opinions. thanks

Answer 1

You're focusing too much on state income taxes. That's not a major factor. It's far less than consideration for overall cost of living.



According to one calculation--see http://www.infoplease.com/business/economy/cost-living-index-us-cities.html -- the overall cost of living (100 being the median; a lower number is more affordable) for those cities is:

NYC (Manhattan): 216.7

LA: 136.4

Miami: 106.0

Chicago: 116.9

Houston: 92.2

Denver: 103.2



So, out of those, Houston is clearly the most affordable. Denver and Miami are OK. Chicago is a bit pricey (though, honestly, less than I'd have expected), followed by Los Angeles. And the most expensive is New York City (Manhattan; the other boroughs are still expense, but somewhat cheaper).



The "vibe" or feel of those cities is quite different, and you have to figure out what appeals to you. For instance, Miami has a sleek, modern, multi-national feel. Chicago is definitely solid Midwest. Houston is modern but feels (to me) artificial. For some people, New York City is the place to be--they view it as the hub of the universe. Denver is an interesting mix of contemporary and established. LA has all sorts of different vibes, depending where you are and what you're doing.



And let me confuse you a bit more. If you haven't already, at least consider Minneapolis, San Francisco, and Salt Lake City. (Salt Lake City?!? Yes--affordable, clean, low crime, lots of opportunities there.) Take a look at all three.



Hope that helps.

Answer 2

no repetitive answers, then no repetitive posts

as stated elsewhere those states without income tax have other taxes to make up the difference, or in some cases very frugal legislatures

but choosing a place to work based on the difference in taxes is not the way to choose

you could choose a place that really looks good only to be a totally unhealthy area for you to be in in many more ways than weather etc.

Answer 3

If you plan to move to another state when you retire, examine the tax burden you’ll face when you arrive. State taxes are increasingly important to everyone, but retirees have extra cause for concern since their income may be fixed.



http://www.retirementliving.com/taxes-by-state



Hope that you find the above enclosed information useful. 08/25/2014