Right now my wife and I live in Indiana and her job pays $129,000 a year. So we live quite comfortably. There is talk of job offers in the Los Angeles area but no mention of pay yet, still very early I think they are just seeing if there is any interest. I have been doing research looking mainly at the housing and a home that is comparable in size is over 2 1/2 times more expensive. Do you also make more money working their or if we move should we be prepared to move into a 650 square foot house?
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July 14th, 2010 at 8:59 am
It’s definitely worth finding out what the salary offer is. Property here is still very high even after the bubble burst. You will almost certainly no be able to duplicate your property here, and it is unlikely that the salary will be increased to fully compensate. But then, few of us in LA live in the mansions you see on TV. We live here for other reasons, the climate being one. You will have to balance the opportunities living in LA presents with the sacrifices — and there will be some.
July 14th, 2010 at 8:59 am
If you work hard I guess you can earn more, California offers many opportunities.
July 14th, 2010 at 8:59 am
Typically in many jobs, salaries are not much higher in LA than elsewhere, and not nearly high enough to compensate for the higher cost of living. There is no need for employers to pay much more, even when we had a low unemployment rate (extremely high now) there were always more qualified workers than jobs.
Example of a high salaried job - first year attorney in biglaw, same firm, LA and NY office compensation about $165,000 + discretionary bonus of $20,000+, Houston office, not less than $145,000 + $20,000+ discretionary bonus, but often closer to the same salary as LA and NY. Cost of housing in LA is about 2.5 times the cost of housing in Houston (or more). This is similar to other offices where the COL is far lower than LA.
You can’t just go by the size of a house, even housing in rough LA neighborhoods is expensive for what you get, you have to look at comparable neighborhoods, school districts, safety, etc. (Good private schools are about $30,000 a year for high school, $15,000+ a year for a good Catholic high school.)
Safety & some real estate pricing: http://www.lalife.com/
Real Estate Listings, mapped property: http://www.movoto.com/
Real Estate Listings: http://www.movoto.com/
Cost of living calculator: http://www.bestplaces.net/col/
A salary of $129,000 in Indianapolis, Indiana should increase to $267,698 in Los Angeles, California for the same standard of living. A salary of $129,000 in Valparaiso, Indiana should increase to $213,919 in Los Angeles, California for the same standard of living. (Check out your actual city to see if it’s similar.)
So you need to find out what her salary would be, see what type of life style that would buy you out here, and decide if you would be willing to sacrifice what you must to live out here. Many people think LA is a great place to live and they are willing to sacrifice whatever to do so!
Good luck!
July 14th, 2010 at 8:59 am
The taxes will be a lot higher in Los Angeles than in Indiana, so that will eat up the difference in pay. And Los Angeles often has droughts.
July 14th, 2010 at 8:59 am
It depends on the company. The federal government gives its employees cost of living adjustments based on where they work, but many private companies don’t. Overall the cost of living is higher in California, but there are benefits. For example, the good weather means that you won’t spend nearly as much on heating/air conditioning as you do in Indiana. My feeling is that they may offer you a slightly higher salary, but it’s not going to cover the difference in costs. If you move, you will have to accept a smaller house in return for a better location. It’s your call.
July 14th, 2010 at 8:59 am
Sorry I can’t answer your question, but you live in LA so can you please look at this:
http://www.huffingtonpost.com/mia-kirshner/i-love-here-ball-is-only_b_615994.html
It’s for a very good cause and they really need support and more people to buy tickets!
July 14th, 2010 at 8:59 am
Normally if the COL is higher then the average pay is higher. If your wife is looking at a lateral move for the same amount of money then you guys will have to get used to a different type of life style. If the salary is increased look into by how much and see if the type of life style it is offering comparable to what you are getting now. CA does not have federal minimum wage which is $7.25 it is higher. I would not move to a different state unless I could live a more lush life style or at least comparable.
July 14th, 2010 at 8:59 am
Well, Los Angeles, in general, is expensive.
You MAY make more in Los Angeles, but don’t expect $150,000 / yr.