Low Cost of Living vs Salary

By Monika Raginiak, Campus Representative, University of Minnesota

As we all near graduation, we look to start our very first “real” job. We take into consideration our benefits package, the type of car they’re going to give us to drive around town, and, most importantly, our salary. When we were choosing which college to attend, many of us looked at the average starting salary of recent grads. We were easily excited when we saw the gigantic dollar amounts. We imagined our money would buy us giant houses on the beach or cabins in the mountains. But what many of us failed to consider is where we’d actually be living and working someday.

A recent article in US News analyzed the median household income by state. Of course, California was amongst some of the richest states, but so were Minnesota, Washington and Utah. Who’da thunk it? New York failed to make it among the top states and was largely surpassed by Alaska, Maryland and Connecticut. Your beach dream house may be more plausible in Virginia than in Florida.

So before you get too excited (or disappointed) about how much you’re making, think about where you’re living. The southern states tend to make up the region of the lowest median income levels, but the cost of living is much lower as well. If you’re looking for the big bucks, it may be worth your while to pursue job opportunities in other areas of the country. Check out this link to see if the state you’d like to live in will provide the dollar amount you have been dreaming of.