The coronavirus pandemic has severely affected the world economy and shifted how companies across The Bay Area operated with the inclusion of remote work or work from home environments.
Companies are now struggling with how to coordinate their geographically dispersed workforce and are considering whether they should adjust their employees’ salaries based on their hometowns and cities.
From the Economic Research Institute’s data, Bloomberg Businessweek recently discovered how professional who is earning $100,000 and is planning to move. When choosing to move away, the main factors to consider are the cost of living and the salary. Bloomberg Businessweek/s chart showed the cost-efficiency of a person’s money in each city.
A notable point in the chart is that San Diego and Houston are good comparison points due to Southern California city being around 40% more costly than average but gives out higher salaries. Texas, on the other hand, is considered to be a good “bang for your buck” that has relatively similar pay-outs but much cheaper costs, the San Francisco Gate reported.
The two worst cities for residents financially are both located in The Bay Area, and contrary to expectations, San Francisco is not the worst one. The bottom spot goes to San Jose, with San Francisco close behind. Other major metropolitan cities, including New York City, Washington D.C., and Los Angeles, were also surprisingly rated highly in the chart. The top position placed Houston as the go-to for cost-efficiency, with Dallas and Las Vegas being good alternatives.