Cost of Living Expenses: That $50,000 Salary Isn’t What It Seems

byDesirae Odjick, GenFKD

There are a whole host of factors in play when making career decisions, but cost of living expenses often go unnoticed before signing on the dotted line.

According to the National Association of Colleges and Employers, the average new college graduate will make $50,556 in their first job. While sure, some majors will earn more and some will earn less, here’s the real kicker: a $50,000 starting salary means something very different in Minneapolis than it does in New York City.

From variability in terms of your taxes, to how much you can reasonably expect to pay in rent, here’s a look at how the cost of living in different places will impact your new-grad-in-the-big-city experience.

Your biggest expense?

If you’re offered that $50K starting salary, or any starting salary, it’s helpful to understand just how much money that really means you have every month. One of your biggest expenses will be your taxes – surprise!

It’ll vary based on which state you’re in, but if we take the example of a $50,000 salary, you’ll take home anywhere from $3,374 a month in states with no state income tax, like Florida, to $3,222 a month in California, which rings in with the highest state income tax rates.

 

That’s the real amount of money you’ll have to…

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