In three US cities, employees have to earn at the very least $300,000 to really feel like they take house $100,000 (Image: Metro.co.uk)
The price of dwelling and taxes in America’s priciest cities make a $300,000 wage really feel like solely one-third of that quantity.
A six-figure wage was lengthy considered a mark of monetary success. Individuals with a $100,000 wage earn greater than double the 2021 median particular person earnings – however it doesn’t go a good distance in cities with a excessive price of dwelling and taxes.
Researchers with SmartAsset analyzed annual salaries in 76 cities with changes for price of dwelling and taxes, to determine the ‘new’ $100,000.
‘In the end, to have the buying energy of $100,000, you’ll have to earn a considerably larger wage,’ acknowledged SmartAsset in its examine launched on Saturday.
In Honolulu, Hawaii, employees should earn at the very least $312,400 earlier than taxes to really feel like they take house $100,000 (Image: Getty Pictures)
Three cities require making greater than $300,000 for that sense of taking house $100,000.
Topping the listing was not the Large Apple, however slightly the Large Pineapple.
Hawaii’s capital, Honolulu, has employees needing to earn a minimal of $312,400 pre-tax to really feel like $100,000. Web pay, $185,999, is sort of 60% lower than the gross earnings.
‘Whereas Honolulu, Hawaii is understood for its lush mountains and the crystal-clear waters of Waikiki Seashore, these stunning landscapes can’t masks the excessive price of dwelling (86% above the nationwide common),’ acknowledged SmartAsset.
In New York Metropolis, residents ought to earn at the very least $312,000 pre-tax to really feel like they take house $100,000 (Image: Getty Pictures)
‘Residing prices in Honolulu are impacted partially by the reliance on imports for vitality, items and providers.’
New York Metropolis got here in second, with residents needing to earn at the very least $312,000 to really feel like they reached six figures. It has a value of dwelling that’s 83.6% larger than the nationwide common.
‘The nation’s most populous metropolis requires loads of assets to keep up and improve its infrastructure and meet the calls for of roughly 8.5million residents and 61 million projected vacationers for 2023,’ acknowledged SmartAsset.
In San Francisco, California, residents should earn at the very least $310,700 to really feel like take take house six figures (Image: Getty Pictures)
Within the third spot is San Francisco, California, the place residents ought to earn at the very least $310,700 to really feel like they hit the mark. It’s ‘partly due to the town’s shut ties to tech entrepreneurship in Silicon Valley’, in line with SmartAsset.
4 different Golden State cities ranked within the high 10. The fourth is simply throughout the bay from San Francisco – Oakland, the place employees have to earn $245,600 earlier than taxes. Fifth is a tie between two Southern California cities, Los Angeles and Lengthy Seashore, the place $245,300 is required.
Seventh within the rankings is Washington, DC, the place residents have to earn $244,700 for the six-figure feeling.
In Oakland, California, earners ought to take house $245,600 to really feel like they make $100,000 (Image: Getty Pictures)
In eighth place is San Diego, California, the place residents want an earnings of about $235,600.
The ninth and tenth cities are Boston, Massachusetts, and Seattle, Washington, the place earners want $226,600 and $213,00 pre-tax, for the ‘new’ $100,000.
All 10 of these cities made appearances in SmartAsset’s examine on the US cities with the very best price of dwelling launched final month.
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Originally posted 2023-04-19 05:08:20.