NOTE:
What is cost of living? The amount of money needed to sustain a certain level
of living, including basic expenses such as housing, food, taxes, and
healthcare. Cost of living is often used when comparing how expensive it is to
live in one city versus another. Cost of living can be a significant factor in
personal wealth accumulation because a smaller salary can go further in a city
where it doesn't cost a lot to get by, while a large salary can seem
insufficient in an expensive city.
You need to do your research and gather data to make
informed decisions about what job offer is the best. We can help at the SMMC! Recently
we’ve helped students collect data for 2 popular jobs: Marketing Coordinator
and Social Media Analyst. Many of our students compare job offers in Lincoln,
Chicago, and Kansas City.
Data
for Marketing Coordinator Job Offers
Job
Description:
Coordinates and implements marketing communication
projects with responsibilities that include public relations, special events
management, advertising, and creating brand awareness. Prepare status reports
on marketing efforts.
Median
Salary & Benefits (From Salary.com):
In Lincoln
Core Compensation Median %
of Total
Base
Salary $ 43,832 67.9%
Bonuses
$ 500 0.8%
Value
of Benefits
Social
Security $ 3,391 5.3%
401K/403B
$ 1,685
2.6%
Disability
$ 310
0.5%
Healthcare
$ 6,507
10.1%
Pension
$ 2,837 4.4%
Time
Off $ 5,456 8.5%
Total Compensation $ 64,518 100%
In
Chicago
Core Compensation Median %
of Total
Base
Salary $ 53,527 69.2%
Bonuses
$ 610 0.8%
Value
of Benefits
Social
Security $ 4,141 5.4%
401K/403B
$ 2,057
2.7%
Disability
$ 379
0.5%
Healthcare
$ 6,507
8.4%
Pension
$ 3,465 4.5%
Time
Off $ 6,663 8.6%
Total Compensation $ 77,349 100%
In
Kansas City
Core Compensation Median % of Total
Base
Salary $ 49,700 68.8%
Bonuses
$ 566 0.8%
Value
of Benefits
Social
Security $ 3,845 5.3%
401K/403B
$ 1,910
2.6%
Disability
$ 352
0.5%
Healthcare
$ 6,507
9.0%
Pension
$ 3,217 4.5%
Time
Off $ 6,187 8.6%
Total Compensation $ 72,284 100%
Comparing
These Numbers (Cost of Living Figures from cnn.com)
·
Comparing
Lincoln to Chicago:
$43,832 (Rounded to $45,000 for cost of living comparisons)
Comparable Salary in Chicago =
$56,866
Actual Salary for Marketing Coordinators in Chicago =
$53,537
Benefits: Lincoln = $20,686 vs. Chicago = $23,822
Reasons for Cost of Living Difference in Chicago
- Groceries = 16% more
- Housing = 69% more
- Utilities = 9% more
- Transportation = 29% more
- Health Care = 0% more
·
Comparing Lincoln to Kansas City:
$43,832 (Rounded to $45,000 for cost of living comparisons)
Comparable Salary in Kansas City =
$49,008
Actual salary for Marketing Coordinators in Kansas City =
$49,700
Benefits: Lincoln = 20,686 vs. Chicago = $22,584
Reasons
for Cost of Living Difference in Kansas City
- Groceries = 7% more
- Housing = 17% more
- Utilities = 14% more
- Transportation = 2% more
- Health Care = 1% more
Data
for Social Media Analyst Job Offers
Job
Description:
Collects and analyzes data related to social media
marketing campaigns. Assists organizations in identifying appropriate social
media channels for their specific business needs, and tailors campaigns to the
target audience. Tracks performance of various social media initiatives and
develops/implements changes to improve business results.
Median
Salary & Benefits (From Salary.com):
In Lincoln
Core Compensation Median %
of Total
Base
Salary $ 43,819 66.4%
Bonuses
$ 1,670 2.5%
Value
of Benefits
Social
Security $ 3,480 5.3%
401K/403B
$ 1,729
2.6%
Disability
$ 318
0.5%
Healthcare
$ 6,507
9.9%
Pension
$ 2,911 4.4%
Time
Off $ 5,599 8.5%
Total Compensation $ 66,032 100%
In Chicago
Core Compensation Median %
of Total
Base
Salary $ 53,511 67.6%
Bonuses
$ 2,039 2.6%
Value
of Benefits
Social
Security $ 4,250 5.4%
401K/403B
$ 2,111
2.7%
Disability
$ 389
0.5%
Healthcare
$ 6,507
8.2%
Pension
$ 3,555 4.5%
Time
Off $ 6,837 8.6%
Total Compensation $ 79,198 100%
In Kansas City
Core Compensation Median %
of Total
Base
Salary $ 49,685 67.1%
Bonuses
$ 1,893 2.6%
Value
of Benefits
Social
Security $ 3,946 5.3%
401K/403B
$ 1,960
2.6%
Disability
$ 361
0.5%
Healthcare
$ 6,507
8.8%
Pension
$ 3,301 4.5%
Time
Off $ 6,348 8.6%
Total Compensation $ 74,001 100%
Comparing
These Numbers (Cost of Living Figures from cnn.com)
Comparing
Lincoln to Chicago:
$43,819 (Rounded to $45,000 for cost of living comparisons)
Comparable Salary in Chicago =
$56,866
Actual Salary for Social Media Analysts in Chicago =
$53,511
Benefits = Lincoln = 22,213 vs. Chicago = $25,687
Reasons for Cost of Living Difference in Chicago
- Groceries = 16% more
- Housing = 69% more
- Utilities = 9% more
- Transportation = 29% more
- Health Care = 0% more
Comparing Lincoln to Kansas City:
$43,819 (Rounded to $45,000 for cost of living comparisons)
Comparable Salary in Kansas City =
$49,685
Actual Salary for Social Media Analysts in Kansas City =
$49,685
Benefits: Lincoln = 22,213 vs. Chicago = $24,316
Reasons
for Cost of Living Difference in Kansas City
- Groceries = 7% more
- Housing = 17% more
- Utilities = 14% more
- Transportation = 2% more
- Health Care = 1% more
Resources We Recommend:
Salary.com – Get median salaries and
benefits by location.
Cnn.com – Offers an easy-to-use cost
of living calculator.
