![]() If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. To take home $100,000, this translates to about 41% in combined federal, state and local taxes and a cost of living 83.6% higher than the national average. The nation’s most populous city requires a lot of resources to maintain and upgrade its infrastructure and meet the demands of roughly 8.5 million residents and 61 million projected tourists for 2023. New York City residents need to earn at least $312,000 to get that six-figure feel. States that don’t take a cut of residents’ income taxes include Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. In general, states with no state income taxes have an edge when it comes to overall purchasing power. These Golden State cities command particularly high tax rates and cost of living premiums.ĭespite Miami’s high cost of living, low taxes make it more affordable than big cities like Chicago, Sacramento and Baltimore. Those in the Bay Area, for example, require at least $147,000 in salary for middle-class comfort. San Francisco, Oakland, Los Angeles, Long Beach and San Diego all require exceptionally high salaries to feel like $100,000. Texans at this income level hold onto an average of 5.7 percentage points more of their annual salaries compared to states that charge income taxes, while the cost of living across Texas is generally lower than the national average.Ĭalifornia cities require the highest gross incomes of any state. ![]() Salaries in El Paso, Corpus Christi, Lubbock, Houston, San Antonio, Fort Worth and Arlington can be as low as $119,300 while feeling like a true $100,000. Residents of Honolulu, New York City and San Francisco who earn this amount are taxed roughly 40.5% or higher and have a cost of living more than 82% above the national average. Three cities require $300,000+ to bring home the “new” $100k. To do so, we analyzed annual salaries in 76 cities and adjusted them for taxes and cost of living to find the “new” $100k. With this in mind, SmartAsset set out to determine the salary it takes to feel like $100,000 across the U.S. Ultimately, to have the purchasing power of $100,000, you will have to earn a substantially higher salary. But when accounting for taxes and cost of living in America’s largest cities, those six-figures will feel much smaller. ![]() ![]() Those with a $100,000 salary earn more than double the median individual income for 2021, which might imply financial comfort on first glance. Six-figure salaries have long been seen as a milestone for gauging success - the peak between the arduous grind of climbing the income ladder and breathing a deep sigh of relief. A woman's hand holds a pen while using a calculator and holding money in the other hand. ![]()
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