Your $100,000 Salary Is Really Only $35,000 in NYC. Where Is it Better?
How far does $100,000 go in the U.S.? A new study looked at cost of living adjustments around the country.
It’s no secret that New York City is one of — if not the – most expensive cities to live in in the United States. But just how much do you have to earn in order to survive the concrete jungle? A new study from SmartAsset claims that not even a six-figure salary will get you that far in the Big Apple.
According to SmartAsset’s calculations, a $100,000 salary dwindles down to just $35,791 once you factor in taxes and rent. Like anywhere else, rent fluctuates in NYC based on neighborhood and amenities, such as an in-unit washer or if the building comes equipped with an elevator and gym.
However, Rent Hop’s data shows that studio rent has risen 14.84% in the last year. On average, New Yorkers pay around $3,200 for a studio. One bedroom rentals have also seen a 8.87% spike and now go for an estimated average of $4,000.
For a lot of New Yorkers, rent eats half the paycheck. It may not surprise you to hear that NYC ranked last in a SmartAsset study that analyzed how far $100,000 will get you in the 25 largest cities in the U.S.
If you’re trying to get the most bang for your buck, SmartAsset suggests relocating to Memphis. The city has a low cost of living, sending them to the top of the leaderboard. A $100,00 amounts to $86,444.
Oklahoma City is also a viable option. With rent factored in, a $100,000 salary is worth a little over $84,000. Similarly, your wallet will stretch further in Texas. The state has no income tax and the cost of living is relatively low.
Visit SmartAsset to see if your city made the list.