GoBankingRates, a personal finance site recently conducted a survey, the contents of which are sure to leave your mind boggled. All of us at some point of time have wondered why we are not earning as much as the other guy who graduated from the same university as we did, we have the same profile, the same degree and though you strongly feel you’re worth a lot more, your salary slip does not represent the same idea? You have a decent job and highly marketable skills but have been unable to boost your earning potential to its maxima? GoBankingRates suggests a move to a different city.
The finance firm did some serious number crunching and after complete data enumeration of the figures obtained from The Bureau of Labour Statistics enlisted the top twenty professions to pursue to make the most of your abilities, from marketing managers to school psychologists they’re all a part of the list but then they took a step ahead and further went on to compare salaries and weighted local salaries to account for the differences in the cost of living indexes.
A highly interactive map was chalked out that clearly represented the entire data in a crisp manner. The data being a stern representative of all fifty states in the country and over dozens of cities, the list clearly summarises what skill set fetches what price tag in which part of the country. From the least to the most, this data tells you which part of the country is best suited to be able to derive your dream salary. Along with giving you an insight into the scenario around the country, there are a lot of other things too that can be inferred from this data, here’s a brief summary of what it is all about.
- Silicon Valley does not pay the highest!
When you commenced reading the list, I’m sure like most others, you too expected San Francisco or New York to top the list of locations that pay the heftiest amount or Washington DC maybe. If not all of these, you thought all those towns in Silicon Valley were the answer? I’m sure the results surprised you as much as they surprised us. Though Santa Cruz from the Silicon Valley made the cut none of the others made it to the final list. The set of surprises doesn’t even begin to end here, the highest paying city in all of the United States of America turned out to be Atlanta! We’re sure you hadn’t seen that coming, had you?
- All cities within a region don’t pay the same way
Contrary to the popular belief that pay scales vary from region to region rather than in accordance to cities. This list brought forward a variety of examples of prove the same and reinforce the age-old Texas for example plays host to the extremely high payer San Antonio where $168,000 was observed as the median salary as well as the very low paying El Paso which pays his employees a meagre sum of $47,000 or lower for the same jobs. Though critics may argue that Texas is too large an area to talk about since once it used to be a country in itself, similar variations have been observed in Florida, North Carolina and other states. Tennessee too can be regarded as a fine example of the same as though it has been considered the third highest paying state in the country, Nashville- the fourth lowest paying city springs within the boundaries of this state.
- The salary paid in a certain area for one profession can differ significantly for another profession
For instance, if you are a school psychologist in Louisiana you most likely are paid the highest as compared to all other cities in the country but if you are a computer analyst, tough luck but you are amongst the lowest paid workers in your profession. The theory dominating the market is that the rising job market lifts all along with it and the current theory disapproves the claim by a long margin and comes as no surprise to most who have been studying the market trends over the years. The map allowing you to filter results by job facilitates you to take a vigilant look at how salaries compare your profession to the other twenty in the list.
Though a lot of secondary ideas to dominate the trends observed like the place you decide to live in, the climate and local cuisine, the needs of your better half but this list can be considered as a pretty accurate estimate of the state of the country and can tell you what kind of pay to expect in which part of the country.