A bunch of Frozen-themed stickers could be thrilling for 6-year-olds, however much less of a success on your direct stories. That’s all to say: The value of one thing is at all times relative to its context.
That sentiment can apply to a $100,000 wage, which has lengthy been hailed because the benchmark for monetary success or, on the very least, stability. Among the greatest prices in any family, from housing to weekly groceries, fluctuate based mostly on location—particularly in immediately’s period of excessive inflation (even whether it is ebbing a bit). So even a wage as excessive as $100,000 can stretch additional in some locations than others.
SmartAsset not too long ago calculated simply how a lot $100,000 is definitely price in 76 of the most important U.S. metro areas based mostly on post-tax take-home pay per paycheck, adjusted for price of residing. You could or could not need to see how a lot you’re really taking house, relying on the place you reside.
$100,000 stretches the furthest within the midwest and the south; seven of the highest 10 cities are in Texas. However coming in primary is the house of Graceland and star of Paul Simon’s track: Memphis, Tenn., the place your $100,000 wage is definitely equal to $86,400 after taxes and adjusted for price of residing. These are the highest 5 main U.S cities the place you’ll get essentially the most out of $100,000:
- Memphis, Tenn.
- El Paso, Texas
- Oklahoma Metropolis, Okla.
- Corpus Christi, Texas
- Lubbock, Texas
In the meantime, staff residing on the coast aren’t getting as a lot out of $100,000. It could come as no shock that New York Metropolis and San Francisco, the 2 most notoriously costly cities on the earth, are among the many high 5 locations the place $100,000 depreciates essentially the most:
- New York, N.Y.
- Honolulu, Hawaii
- San Francisco, Calif.
- Washington, D.C.
- Lengthy Seaside, Calif.
Coastal cities, which are sometimes celebrity cities, are sometimes dearer than their midsize friends (though the latter received pricier as extra urbanites fled larger cities for smaller ones in the course of the pandemic). However there’s a scarcity of information on bills for folks in rural areas; since inflation is commonly measured by the patron value index, which appears at how the costs in items for city Individuals change, there’s a little bit of a blind spot, economists Stephen Wiler and Tessa Conroy clarify for The Dialog.
Even when your cash stretches additional in rural areas, there are tradeoffs, they add. That may appear like driving additional to get groceries and get to the hospital (due to this fact paying excessive fuel costs), and having much less flexibility and fewer choices as meals prices rise. Whereas rural Individuals usually personal their properties greater than metropolis dwellers, they mentioned, they’re extra susceptible to heating and cooling prices resulting from poorer high quality of housing.
However no matter the place you reside, incomes $100,000 simply doesn’t appear to go so far as it as soon as did. Whereas the center class usually feels the blow of inflation extra keenly than higher-income people, wealthier Individuals aren’t resistant to its results—practically half (64%) felt they had been residing paycheck to paycheck final yr, per a PYMNTS report, greater than those that mentioned the identical in 2021.
Nonetheless, that stress may very well be assuaged some based mostly on the place you select to relaxation your head at evening. Simply take a look at Zillow, and also you’ll discover both a palace or a little bit condo for a similar value vary relying on the ZIP code.