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I very strongly believe it’s difficult to do a like for like comparison here because it matters what stage of your life you’re in.
But mechanically, the math should look like:
1. How much do you want to save on a $ basis.
2. What’s your annual spend in Texas vs NY
3. What’s the effective tax rate in Texas vs NY (bit circular since this depends on gross income TBD)
Fill that in:
1. You want to save $100k/year
2. In NY you spend $6k/month (4 on rent and 2 on random shit). Call it $3.5k in Texas. Annualized it’s $72k in NY and $42k in Texas. Post tax you need to make $172k in NY and $142k in TX to save $100k per year.
3. Say roughly 40% effective tax in NY and 35% in TX (I have no idea). Gross that up and you’re at $286k in NY versus $220k in TX.
I still don’t get why one would choose elsewhere over NYC unless the opportunity is too good to skip. But those aren’t that common. To each their own.
Totally agree with this - really hard to do a like for like here. Also, many of the largest paying jobs (especially in PE) are in NY. Most people in TX will be in MM/LMM PE which is a long-term haircut on pay, even if your COL is lower
TX has no state taxes though which is the real savings. But I would not live somewhere just because it was cheaper, there's a lot more considerations here
Well there are plenty of reasons but that's neither here nor there
It depends. I’d say TX rent is about 1/3 the cost of NYC, but that is partially offset by needing to have a car. Travel is the same. Going out is about 1/2 the cost and food is about 2/3 for similar quality (but depends).
There's not similar quality food for a Variety of cuisines especially at the more premium end. There is also not similar quality of "going out". Both kind of depend on your tastes.
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