When choosing a place to live, consumers should be careful that the city's cost of living is compatible with their current or projected salary.
Before taking the plunge and submitting a rental application to an apartment in a new city, renters should first make sure that their salary will allow for a comfortable life in that location.
According to CNNMoney, the cost of living in any given city depends on multiple different factors. Housing is perhaps the most important, but it's followed closely by the cost of groceries, auto and health insurance, utilities and transportation.
For example, a consumer who is living in Fresno, CA and making $50,000 per year would have to make close to $60,000 if they wanted to live a comparable lifestyle in Philadelphia. Housing is 24 percent more in the City of Brotherly Love, and groceries are 13 percent more than they are in Fresno.
If that same consumer wanted to move to Manhattan, they would need to be making more than double their current salary to live the lifestyle they've grown accustomed to. Housing in Manhattan is 265 percent more expensive and health insurance is 24 percent more expensive.