Cost of Living Metric Now Live!

Cost of Living Data: Key Insights for Nurses

*Why mention Cost of Living? *
As nurses, choosing where to work isn't just about the salary—it's also about how far that salary will stretch in covering our expenses. Amiright? That's why knowing the cost of living (COL) in different cities is useful for making informed decisions about your career.

What is the NursePay COL Ratio?
At NursePay, I've come up with a way to estimate how affordable different cities are for nurses. I call it the Cost of Living (COL) ratio. It's a quick and easy way to gauge affordability of a city.

How It Works:
Here's the deal: we are using the median rent for a 2-bedroom apartment (as reported by Zillow) in each city as a proxy for the cost of living. Then, we divide that rent by the hourly wage reported by nurses in the database. The result is the number of hours you'd need to work (pre-tax) just to afford that apartment. So the lower the number the better.

Example Calculation:
Let's say the median rent for a 2-bedroom apartment in City A is $1,200 per month. And let's say the hourly wage reported by nurses working in City A is $30 per hour. To calculate the COL ratio:

COL Ratio = Median Rent / Hourly Wage
COL Ratio = $1,200 / $30
COL Ratio = 40 hours

This means that in City A, you'd need to work 40 hours (pre-tax) just to earn the rent for a 2-bedroom apartment.

Why It Matters:
A lower COL ratio means you have to work fewer hours to afford rent, leaving you with more money for other things or saving up. It helps you compare different cities and make smart choices about where to work based on your budget and lifestyle.

I hope you like this feature! As always, I'd love your feedback and suggestions!

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