A new survey reveals that making $100,000 a year in New York City is not enough to live comfortably.
In fact, 51% of people who earned over $100,000 reported living paycheck to paycheck in 2022, which is 7% higher than the previous year.
Smart Asset compared the worth of a $100,000 salary in 76 of the largest cities across the country and found that New York City ranked last.
After adjusting for taxes and cost of living, $100,000 in New York City amounts to about $36,000, while in Memphis, Tennessee, it equals $86,000, in Houston, Texas, it’s about $81,000, and in St.
Louis, Missouri, it’s around $80,000.
The high cost of housing, transportation, taxes, and food are the main factors that eat up people’s budgets.
Linda Schmidt of Fox 5 News reports that the pandemic has changed the way people can work remotely and live in states where the cost of living is lower.
If you want your six-figure salary to go further, you might want to consider moving to a more affordable city.