<p>What are some of locations within the US with the highest average disposable income? I come from the bay area which boasts one of the highest average incomes on the planet and yet none of it matters since the area is also one of the most expensive. Basically I want a high paying job in a location thats relatively cheap when income is taken into account.</p>
<p>here is one study … maybe o more to follow …
MSN has published it’s list of the what it’s calling the nine most affordable housing markets:</p>
<ol>
<li>Wichita, Kan.</li>
<li>Omaha, Neb. — Council Bluffs, Iowa</li>
<li>Harrisburg-Carlisle, Pa.</li>
<li>Madison, Wis.</li>
<li>San Antonio</li>
<li>Indianapolis</li>
<li>Pittsburgh</li>
<li>Dallas-Fort Worth</li>
<li>Tulsa, Okla.</li>
</ol>
<p>Depends on your profession and the cost of living in your locale.</p>
<p>If you make $300,000 a year in Cali you’ll still only have a small to regular size house. If you make $300,000 a year and live in somewhere like Arizona, Texas, Oklahoma, etc you’ll live like a king.</p>
<p>People and major corporations are realizing the cost of everything is too high in Cali and that’s why housing prices are projected to fall 25% in the next year in the SoCal area.</p>
<p>Don’t we all! The issue is that every place with a high concentration of high paying jobs has a high cost of living. Consider Buenos Aires!</p>
<p>
One exception that I’m aware of is the field of pharmacy.
The pay for retail and hospital pharmacy is nearly the same in every locale.
From a financial viewpoint, it’d be beneficial for me to work 2 full-time jobs in a less populated region of the US. Cost of living and housing would be extremely low why total pay would probably only deviate $10k-20k per year out of $200 AT MOST.</p>
<p>By CC standards where half the kids want investment banking, pharmacy would not be high paying. But if we’re talking about $100K jobs, throw in engineering, you can make the same in many low cost cities as you can in NY or Silicon Valley. The pay might be $10-20K less in small cities but the income buys you a lot more. Also throw in nurses on that salary level.</p>
<p>
If you worked the same hours as an investment banking “associate”, you’d make roughly the same.
The average offer for even the worst pharmacist is $100k/year, $10k sign on, 36 hours/week, 3 days a week.
The difference is the toughest part about pharmacy is getting through school. If you get your PharmD and pass the license exams, whether you want to make about $200k/year is entirely up to you. In investment banking, you have to pass through many more hurdles and whether you will actually last past associate is questionable. Also, in pharmacy you have to ability to keep your living expenses way lower than what is possible as an investment banker.
Sure some engineering jobs “may” pay $100k/year, but that’s usually after a many years of experience and a Master’s degree. The Pharmacy program that I am in is a direct-admit from HS. It simply is the shortest and most cost effective way to make $200k/year for my situation.
One very strong advantage of pharmacy besides the high dollar return per hour is the flexibility. It is very conceivable that some will work 1 full time job while going back to grad school for something like a PhD Chem, MS ChemE, etc. There is simply no opportunity cost except your time. You’d be bolstering your background, technical expertise, and credentials, while still making $100k/year. Investment banking will never offer that advantage. If your terminal degree is going to be an MBA, whose background is going to be more immune to a recession:
- PharmD, MS ChemE, MBA
or - BS (insert), MBA
Option 1 doesn’t exclude you from investment banking if you so choose to do so in the future, however, option 2 is placing all your eggs in one basket and praying that it works out (which this past year has shown you that it could very well not work out that well).
For my own situation, I feel as if I could make more outside of finance than I would if I were to be someone’s slave for 80 hours a week and have a slim chance of making MD even if I’m qualified. At the very least, I won’t be putting all my eggs into one basket.</p>
<p>I don’t think many are choosing between banking and pharmacy. It’s totally different groups of kids.</p>
<p>
lol maybe whoever you’re talking about needs to set financial boundaries because 300k can get you big houses even in the most expensive cities here. 300k means you can do a 7-10k/month mortgage and buy a $1.3-2m house in LA</p>
<p>Which would not buy you a big house (or any house) in the places in LA where the wealthy live kmzizzle. The problem is that most people’s wants stay ahead of their reality. When you have kids are are looking for a house in a good school district or near the top private schools, you’ll find in the best CA neighborhoods $5MM stills buys a modest home.</p>
<p>Look at: Rancho Santa Fe, La Jolla, Beverley Hills, Atherton, SF, Santa Barbara to name a few. </p>
<p>Even in the best towns in the MW and South, houses in great neighborhoods will be well above 1 million.</p>
<p>Do you really have to live in the most expensive counties in the US? There are plenty of greats places to live in here than only the ones where 5mm is a decent home.</p>
<p>[Highest-income</a> places in the United States - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Highest_income_places_in_the_United_States]Highest-income”>http://en.wikipedia.org/wiki/Highest_income_places_in_the_United_States)
Gov’t stats; 300k is well above the avg!</p>
<p>
From what I hear a lot of people who go into investment banking are in it for the money and not in it because they are genuinely interested in investment banking. If it’s for the money, then there certainly are situations where pharmacy vs. banking has its merits as I have outlined above.</p>
<p>
On that we do agree. 300k/year will not get you into those exclusive communities.</p>
<p>Just to remind people of other jobs…
Starting Petroleum Engineer (I both hire and make offers) about $105,000 + bonuses
Starting Geologist (with a MSc) $95,000</p>
<p>both in Houston,Tx average house (quoted recently in Houston Chronicle $137,000)</p>
<p>There are many reasons why people want the best communities. Schools are usually high on the list. Those communities typically have the highest appreciation. They’re popular for a reason: beauty, privacy, large lots…and people want to live among their successful peers just like they want to attend the best schools.</p>
<p>hmom has a point. If nobody wanted to live in expensive areas, then the areas wouldn’t be expensive. You just have to make a decision for yourself on what’s important to you. Some people are pickier on where they live than others.</p>