A dollar doesn’t go very far in New York City — but in places like El Paso, a six-figure salary can stretch much further than many of the largest metropolitan areas in the country.
According to a new cost of living study by financial technology company SmartAsset, a $100,000 salary in New York City leaves workers with what “feels like” just $36,000, the lowest of nearly 80 cities analyzed by the financial advisory company.
A six-figure salary in New York City won’t get you very fair, a new study found. Kristina Crane with Evan Joseph Studios
The study looked at cities from Buffalo to Los Angeles to find where a dollar stretches the furthest, using the SmartAsset paycheck calculator and Council for Community and Economic Research data to find an estimate of purchasing power after accounting for living expenses. Each city was analyzed using a salary of $100,000.
Here are the top 10 cities for cost of living:
10. St. Louis, Missouri
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St. Louis rounded out the top 10 with a buying power of $79,921.
7 (three-way tie). San Antonio, Texas
San Antonio. Allan Baxter/Getty Images
In a three-way tie, San Antonio, Fort Worth, and Arlington, Texas each have a buying power of $80,124.
7.Fort Worth, Texas (tie)
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7. Arlington, Texas (tie)
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6. Houston, Texas
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Houston ranked sixth with a buying power of $81,171.
5. Lubbock, Texas
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Lubbock, Texas ranked fifth boasting a buying power of $83,350 for a six-figure salary.
4. Corpus Christi, Texas
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Corpus Christi ranked fourth with a “feels like” salary of $83,443.
3. Oklahoma City, Oklahoma
Oklahoma City, Oklahoma. Marcus Elwell/Getty Images
Oklahoma City ranked third, clocking in at $84,498.
2. El Paso, Texas
El Paso, Texas is nestled in the Rio Grande Valley on the Mexico-United states border, and home to military base Fort Bliss Getty Images
El Paso ranked second in the study, boasting a “feels like” salary of $84,966.
1. Memphis, Tennessee
Fans gather on Beale Street for the start of a procession in Memphis, Tennessee May 27, 2015. Reuters
The study found that a six-figure salary goes the furthest in Memphis, Tennessee, clocking in at a purchasing power of $86,444. Although Memphis residents can expect to bring home about $75,000 after taxes on a $100,000 salary, SmartAsset calculated that a reduced cost of living made six-figure pay worth nearly $87,000 compared with the national average.
The lowest ranked cities in the study ranged from NYC’s measly $36,000 to LA’s $45,000, and just over $46,000 in Boston. While a high cost of living in those cities has long been expected by residents, SmartAsset found that $100,000 doesn’t go as far as it used to, and half of people making that salary still live paycheck to paycheck.
“Seen as a sign of success and financial comfort, a six-figure salary has long been an important milestone for American workers,” Villanova wrote. “But the times have changed and $100,000 isn’t quite what it used to be, especially as rampant inflation continues to sap the purchasing power of money and push the cost of living higher.”
Source: businessinsider.com
