Making $100,000 in New York City 'feels like' only $36,000, according to new study. Here are the top 10 cities where your money goes further.
El Paso, Texas is nestled in the Rio Grande Valley on the Mexico-United states border, and home to military base Fort Bliss1. Memphis, TennesseeReuters
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.DenisTangneyJr/Getty Images
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."
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