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How would you like to take a $49,000-a-year job as a staff nurse in Chicago, where the median home costs $228,000? How about a $53,000 gig as an accountant just above entry-level -- say in Miami, where the typical house costs $254,000? Or would you like to go for broke in a $75,000 marketing account-exec job in San Francisco, where you'll tender $600,000 for a middling abode and get back just enough change to buy an Ermenegildo Zegna suit for your first day at the office?
These are offers that many of us would like to refuse -- if we had a choice. But we didn't opt for this lopsided ratio of stagnant earning power to soaring living expenses; instead, the American city has evolved into an ever-more-pricey place over the past 15 years. And with wage increases stuck in the 3- to 4-percent range while housing and energy prices know no bounds, this economic squeeze becomes ever tighter for millions of urban professionals.
Personal finance advisors present pocketfuls of tips for saving modest chunks of money: Skip the $4 lattes; drop the premium cable channels; buy a car that was new three years ago. But frankly, many find this approach depressing, even belittling. So in a contrary spirit, here are some ideas for making ends meet -- by making big changes in your living situation and career.
Keep Your Job but Move Toward the Edge
One simple solution to the middle-class squeeze is to keep your job but move to an edge city, where living expenses are lower and there's efficient, or perhaps merely sufficient, transportation to the center of the big city.
"Look at moving further out," says Kay Shirley, a certified financial planner in Atlanta. "Then negotiate with your employer for a flexible work schedule." If you commute off-peak, you may be able to cover a longer distance in the same time it now takes you to commute in your car at the pace of a Segway.
Try a Less Expensive Town
A radical alternative is to move away from an expensive part of the country -- say, the Northeast's megalopolises -- to a more frugal region. You might even be able to stay with your current employer if the company has far-flung operations.
But experts offer various cautions about this approach. "You don't want to go to a great job in a lousy place" and torpedo your career, says Fred Sears, a mutual fund manager with Investors Capital Corp. in Boston.
"I would recommend that as a last resort," says Marc Silverman, a chartered financial consultant in Miami. "People fail to take into account moving expenses, new schools and losing your friends."
This cost-of-living tool can help you see how far your dollar will go in various cities.
Boost Your Earning Power
Of course, you might also choose to move up in your organization instead of moving out of town. For many professionals, the best way to bootstrap their careers is to earn another degree or take on a major certification.
Often the cost of further education is high in terms of both tuition and missed employment income. Still, for those looking long-term, the expense can be justified. "I've seen that break even in about three years," says Shirley. "But you need to know ahead of time that the higher credential will get you a better-paying job."
Sell High, Live Low
Here's a creative solution for free spirits: Cultivate future clients in your world-class city, quit your job, move to a more affordable town and serve those clients as a consultant, at the world-class rates they'll expect to pay.
To be sure, this career path isn't for everyone. "People who work for themselves have the best job security," says Silverman. "But it's difficult to be an entrepreneur; it's easier to work for a large company."
Still, if your situation lets you make $75,000 a year and buy a comfortable home for $190,000, you'll be doing better than most of us.
[Sources: Monster Salary Wizard and Forbes.com]