According to a new report, bad news for some high-earning workers in some of America's largest cities is that your six-figure salary may not stretch as far as you think.
A recent analysis from SmartAsset shows how much a $100,000 salary is actually worth in the largest U.S. cities. While a six-figure salary mark is seen as a sign of financial comfort and success, data showed that take-home pay was less than $40,000 in New York City, Honolulu and San Francisco.
The data was compared to the after-tax income, average cost of living per densely populated city and the impact of inflation by SmartAsset.
Laffer Tengler InvestmentsTengler Investments CEO and CIO Nancy Tengler recently moved from California to Arizona and argued that residents with $100,000 or above flee these blue cities for one reason: it's all about taxes. It trickles through everything, Tengler said on Mornings with Maria Friday. There are a lot of people moving from California to Arizona. I spent the other half of the year in Incline Village, Lake Tahoe, Nevada, and we're seeing the same Californians fleeing the Golden State. She said that it's really noteworthy and I think policymakers should stand up and take notice because they're experiencing the same thing in New York. These states have some of the highest tax burdens in the country.
Lee Carter, the maslansky partners' partner, said on Friday that they see it every day. More than half of the money in New York City is going to taxes by the time you pay for city taxes and all the rest of it, so it's really staggering. It's a bad policy. On the reverse side of SmartAssest's report, it was determined that a $100,000 salary in Memphis, Tennessee earns the most take-home pay with $86,444. Texas cities have the top 10 cities your money goes farthest, including El Paso, Corpus Christi, Lubbock, Houston and San Antonio.
Top 10 cities where $100 K salary is worth the least:
Top 10 cities where $100 K goes the farthest: