Due to high inflation, a $100,000 salary is being increasingly sapped of its value due to purchasing power declines and cost of living increases. A study found this is worst in NYC, where that salary is worth approximately $35,791.
Due to high inflation, the six-figure salary is being increasingly sapped of its value due to purchasing power declines and cost of living increases. A study from personal finance adviser SmartAsset, measuring 76 different cities in the United States, found that the effect is felt in every city. Even the place where the salary goes the furthest — Memphis, Tennessee — it's only worth $86,444.
Notably, seven of the top 10 cities where $100,000 goes the furthest were in Texas, specifically El Paso, Corpus Christi, Lubbock, Houston, San Antonio, Fort Worth, and Arlington. On the opposite end, the worst were New York City; Honolulu, Hawaii; San Francisco, California; Washington, D.C.; Long Beach, California; Los Angeles, California; San Diego, California; Oakland, California; Boston, Massachusetts; and Seattle, Washington.In the three worst cities, $100,000 was worth less than $40,000.
SmartAsset's study used a paycheck calculator which takes into account one's salary after federal, state, and local taxes, adjusted for the cost of living in the 76 biggest cities in the U.S., using data from the Council for Community and Economic Research.
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