Salary of $100,000 worth just $35,000 in New York City: Study

A A study has shown that an annual $100,000 salary in New York City is only worth $35,000

The six-figure salary is losing value because of high inflation. This is due to the decline in purchasing power and rising costs of living. SmartAsset, a personal finance advisor, measured the impact in 76 cities across the United States. Even the place where the salary goes the furthest — Memphis, Tennessee — it’s only worth $86,444. New York City is the worst, with a salary of approximately $35,791 after taking into consideration taxes and living costs.

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Oklahoma City, Oklahoma was found to have the lowest living costs in the study. However, taxes pushed it to third with $100,000 worth $84,498.

Notably seven of the top ten largest cities where $100,000 travels the furthest were Texas. This includes El Paso Corpus Christi and Corpus Christi.

The worst cities 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.

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In the three worst places, $100,000 was less than $40,000.

SmartAsset created a pay calculator that took into account one’s gross salary after state and local taxes. It was adjusted for cost of living in 76 major cities in the U.S. using data from Council for Community and Economic Research.