Earning a six-figure salary was once an indication of success and financial security — but with soaring inflation driving the cost of living higher, $100,000 doesn't go as far as it used to. According to one survey from December, over half of people who make more than $100,000 a year reported living paycheck-to-paycheck.
To find out what $100,000 is actually worth nowadays, SmartAsset compared after-tax incomes in 76 of America's largest cities and adjusted them for the cost of living in each.
Key Findings:
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Of all the cities studied, six figures go furthest in Memphis. A $100,000 salary is worth more in the Tennessee city — $86,444 — than any other, after accounting for taxes and the cost of living.
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Of the the top ten cities where $100,000 is worth the most, seven are in Texas. The low cost of living, as well as zero state income tax, means a $100,000 salary amounts to an average $77,885 across the Texan cities analyzed.
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The cost of living is lowest in Oklahoma City, meaning $100,000 goes a long way, and is worth $84,498 after cost of living adjustments.
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New York City ranks last in the study. Taxes and cost of living considered, an income of $100,000 is worth just $35,791 in the Big Apple.
Via SmartAsset.