Study shows how much a $100,000 salary is actually worth in Chicago
A survey by SmartAsset determined the cities that give you the most bang for your buck.
CHICAGO - How far can a $100,000 salary take you in the United States?
A survey by financial technology company SmartAsset determined the cities that give you the most bang for your buck.
Seven of the ten best values are in Texas, a state with no income tax and low cost of living, with El Paso as the most affordable.
After deducting taxes and adjusting for the cost of living, a $100,000 salary on average is worth $77,885 across the 10 Texas cities.
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Your $100K will get you the furthest in Memphis, Tennessee. The money is equal to a take home pay of 86,000 after taxes and cost of living adjustments.
In Chicago, that same salary is equal to just over $59,000. But the Windy City is doing better than New York City.
In the Big Apple, $100,000 feels like just under $36,000. It ranks last in SmartAsset’s analysis.
And $100,000 also doesn’t go very far in California.
Five out of the 10 cities that are ranked in the bottom 10 are located in the Golden State.
The 7 most rent-burdened cities in America
In one U.S. city, renters spend a whopping 68.5% of their income on rent, according to Moody's Analytics.
A six-figure salary has long been a milestone for American workers. But the new study shows times have changed and $100,000 simply isn’t quite what it used to be in many cities.
Cities where 100K goes furthest
- Memphis, TN: $86,444 take-home pay
- El Paso, TX: $84,966 take-home pay
- Oklahoma City, OK: $84,498 take-home pay
- Corpus Christi, TX: $83,443 take-home pay
- Lubbock, TX: $83,350 take-home pay
- Houston, TX: $81,171 take-home pay
- San Antonio, TX (Tie): $80,124 take-home pay
- Fort Worth, TX: $80,124 take-home pay
- Arlington, TX: $80,124 take-home pay
- St. Louis, MO: $79,921 take-home pay
Cities where 100K doesn’t go far
- New York City, NY: $35,791 take-home pay
- Honolulu, HI: $36,026 take-home pay
- San Francisco, CA: $36,445 take-home pay
- Washington DC: $44,307 take-home pay
- Long Beach, CA (Tie): $44,623 take-home pay
- Los Angeles, CA (Tie): $44,623 take-home pay
- San Diego, CA: $46,167 take-home pay
- Oakland, CA: $46,198 take-home pay
- Boston, MA: $46,588 take-home pay
- Seattle, WA: $48,959 take-home pay
This study comes as inflation continues to push the cost of living higher.
How are Social Security cost of living adjustments (COLA) calculated?
The adjustments are based on data relating to inflation.
According to a recent survey, 51% of people who earned more than $100,000 reported living paycheck to paycheck in 2022 – 7% higher than a year earlier.
FOX TV Stations contributed to this report.
