Here's how much a $100,000 salary is actually worth in Chicago
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.
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.
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.