Cost of Living – Cincinnati VS New York

Looking into moving to a city where the cost of living is significantly lower? Team Sztanyo is here to show you why Cincinnati, OH might be the perfect place to relocate, for you and for your wallet.  What is the cost of living – Cincinnati VS New York? That’s what we’re going to look at in this video.

Cost of Living - Cincinnati VS New York

 

The “New Normal” After COVID-19

Hey guys, my name is Eric Sztanyo with Keller Williams Realty and Teamsztanyo.com where we are helping families find their way home. I am a Cincinnati and Northern Kentucky real estate agent and I wanted to do a series of videos looking at the cost of living in Cincinnati versus other major cities. Especially because if you’re anything like me, you may be working out of your attic right now because we are on lockdown due to COVID-19. Many cities and States are beginning to ease up and we are starting to see the light at the end of the tunnel. However, a lot of things will likely change coming out of COVID-19  and we will have to adapt to our new normal going forward.

One of the big things that we are finding through all of this is that teleworking is a possibility. A lot of people are working from home and if done correctly,  you shouldn’t see a difference in your productivity. In fact, productivity can even go up when working from home if you learn the best ways to do it. So what does that do? That changes the landscape! Now, you might be able to move to another city, any city that you want. If you have ended up on this page, you are probably looking into a city with the same amminaties as the larger cities but has a lower cost of living. In this post, we will dive into the cost of living – Cincinnati VS New York and just how much you can save moving to Cincinnati.

 

Cost of Living – Cincinnati VS New York

So let’s dive right into this using the Redi Cincinnati website. There is a lot of great information on this page about Cincinnati and why it is such a great place to live. To compare the cost of living of Cincinnati and New York, you will first use the “living here” tab in the toolbar and then choose the “cost of living” tab in the drop down. From here, you will scroll to the bottom of the Cost of Living page where you will find the “cost of living- index calculator”. Fill in your annual base salary, choose the city in which you are moving from and make sure that the “moving to” is set to Cincinnati and then press calculate.

In this case, we are going to say that we have a base salary of 50k and we are moving to Cincinnati from Queens. Right off the bat, this will show that your comparable after tax income in Cincinnati is $31,577. This means that you would instantly get an almost $19,000 annual raise literally just moving to cincinnati. Doing the same exact job and making the same exact yearly salary, $19k a year more simply to move from New York to Cincinnati. That is CRAZY!

 

Where is all of this money coming from?!

So where is all of this money coming from? When breaking it down, groceries are 24% less, utilities are 26% less, and housing is 66% less… yes you read that correctly, 66%! You could get a much larger home in Cincinnati for the same price of your small New York apartment. You can also scroll through and compare the average cost comparison of several other day to day items and see just how much you could be saving to move to Cincinnati, OH.

cost of living - cincinnati VS new york

 

Let’s take this to the next level and say that you are making $100,000 a year living in Queens, New York. Now, your comparable after tax income is $663,000 which translates to you saving $37,000 a year simply to move to Cincinnati. That is almost $40,000 extra every single year to do the exact same job just in a different city. What would you want to do with that money? Would you travel more? Would you invest? Would you donate more to your favorite charity? You could do a lot with that much money.

 

Ready to make the move to Cincinnati?

So all of this is starting to make A LOT of sense. Being able to work the same exact job, live in a larger home, and make thousands of more dollars every year simply by relocating to Cincinnati. In housing alone, you could be paying 66% less here in Cincinnati, that is crazy. If you are ready to make the jump, check out our previous video about living in Cincinnati and all of the great things that there are to do here. We have great neighborhoods, an amazing art scene, fantastic food, and three major league sports teams. We have everything that you love about the big city without the pricetag!

When you are ready to look for your perfect Cincinnati home, let Team Sztanyo be your guid. We would love to help you find the perfect area or neighborhood for you and your family. Check out our Featured Listings to assure that you do not miss out on your dream home!

If you would like to speak further, give us a call at (513) 813-6293. Thanks for viewing. 🙂

 

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