Map shows priciest US cities where $300,000 salary feels like $100,000
The cost of living and taxes in America’s priciest cities make a $300,000 salary feel like only one-third of that amount.
A six-figure salary was long regarded as a mark of success. Americans with a $100,000 salary earn more than double the 2021 median individual income – but it doesn’t go a long way in cities with a high cost of living and taxes.
Researchers with SmartAsset analyzed annual salaries in 76 cities with adjustments for cost of living and taxes to figure out the ‘new’ $100,000.
‘Ultimately, to have the purchasing power of $100,000, you will have to earn a substantially higher salary,’ stated SmartAsset in its study released on Saturday.
Three cities require making more than $300,000 for a sense of taking home $100,000.
Topping the list was not the Big Apple, but rather the Big Pineapple.
Hawaii’s capital, Honolulu, has workers needing to earn a minimum of $312,400 pre-tax to feel like $100,000. Net pay, $185,999, is nearly 60% less than the gross earnings.
‘While Honolulu, Hawaii is known for its lush mountains and the crystal-clear waters of Waikiki Beach, those beautiful landscapes cannot mask the high cost of living (86% above the national average),’ stated SmartAsset.
‘Living costs in Honolulu are impacted in part by the reliance on imports for energy, goods and services.’
The 10 cities topping the list all made appearances in SmartAsset’s study on the US cities with the highest and lowest costs of living released last month.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.