Making $100,000 in New York City ‘feels like’ only $36,000, according to new study. Here are the top 10 cities where your money goes further.

A six-figure salary in New York City won’t get you very fair, a new study found.

New York City ranked the lowest for cost of living on a six-figure salary in a study of 76 cities. 
Memphis, Tennessee ranked highest, boasting a buying power of more than $86K.
Seven cities in Texas rounded out the top 10, while places like LA and Boston were at the bottom. 

A dollar doesn’t go very far in New York City — but in places like El Paso, a six-figure salary can stretch much further than many of the largest metropolitan areas in the country. 

According to a new cost of living study by financial technology company SmartAsset, a $100,000 salary in New York City leaves workers with what “feels like” just $36,000, the lowest of nearly 80 cities analyzed by the financial advisory company. 

The study looked at cities from Buffalo to Los Angeles to find where a dollar stretches the furthest, using the SmartAsset paycheck calculator and Council for Community and Economic Research data to find an estimate of purchasing power after accounting for living expenses. Each city was analyzed using a salary of $100,000.

The study found that a six-figure salary goes the furthest in Memphis, Tennessee, clocking in at a purchasing power of $86,444. Although Memphis residents can expect to bring home about $75,000 after taxes on a $100,000 salary, SmartAsset calculated that a reduced cost of living made six-figure pay worth nearly $87,000 compared with the national average. 

“Considering the city has a cost of living that’s almost 14% lower than the national average, those after-tax earnings are actually worth $86,444 when adjusting for the cost of living,” Patrick Villanova wrote for SmartAsset. 

While Memphis had the best singular cost of living outcome in the study, …read more

Source:: Businessinsider

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