I pulled the trigger on remote years ago and took a about a 5% salary cut. The state I moved to has an income tax. However after adjusting for lower income tax, cost of living [0], and my RSU's being unaffected, I ended up slightly ahead.
After a couple years, the company did start adjusting RSU refreshes to reduce grants to people outside of top cities. Even with that though, I'm still breaking even or ahead.
Just another voice saying that you need to do the math and think about your company's policies. You can only account for changing policies so much.
I got in at a time when the deal was very good. Today, my salary reduction would be much higher (2-3x the reduction) and all other comp has caught up to being location adjusted. But, the deal at my company can still be good as long as you check the math.
Another gotcha to watch out for is benefits. Make sure the company health care plan(s) have doctors in-network where you are moving. Since health care networks are very regional, this is not always the case. I had to switch plans.
Also, you won't be able to use a lot of the other tech company perks that people don't price in a lot: free food/snacks/drinks, gym, spa, health center, daycare, etc. Though some company's will give you money to get a gym membership, but probably not the other things.
[0] The cost of living savings mostly came from housing. But nearly everything local (grocery's, restaurants, gas, etc) is 30% to 50% cheaper where I'm at, which adds up quick too.
After a couple years, the company did start adjusting RSU refreshes to reduce grants to people outside of top cities. Even with that though, I'm still breaking even or ahead.
Just another voice saying that you need to do the math and think about your company's policies. You can only account for changing policies so much.
I got in at a time when the deal was very good. Today, my salary reduction would be much higher (2-3x the reduction) and all other comp has caught up to being location adjusted. But, the deal at my company can still be good as long as you check the math.
Another gotcha to watch out for is benefits. Make sure the company health care plan(s) have doctors in-network where you are moving. Since health care networks are very regional, this is not always the case. I had to switch plans.
Also, you won't be able to use a lot of the other tech company perks that people don't price in a lot: free food/snacks/drinks, gym, spa, health center, daycare, etc. Though some company's will give you money to get a gym membership, but probably not the other things.
[0] The cost of living savings mostly came from housing. But nearly everything local (grocery's, restaurants, gas, etc) is 30% to 50% cheaper where I'm at, which adds up quick too.