Financial website Smart Asset has issued a new survey assessing in which American cities a $100,000 salary goes the furthest. And the winner is: Memphis, Tennessee.
From the press release: “Seen as a sign of success and financial comfort, a six-figure salary has long been an important milestone for American workers. But the times have changed and $100,000 isn’t quite what it used to be, especially as rampant inflation continues to sap the purchasing power of money and push the cost of living higher. In fact, 51% of people who earn more than $100,000 reported living paycheck to paycheck in December 2022 — 7% higher than a year earlier — according to a recent survey from PYMNTS and LendingClub.
“To see how much $100,000 is actually worth in different parts of the country, SmartAsset compared the after-tax income in 76 of the largest U.S. cities and then adjusted those figures for the cost of living in each place.
“… Key Findings: $100K goes furthest in Memphis. The city may be known as the ‘Home of the Blues,’ but Memphis’ low cost of living surely won’t make you sing them. A $100,000 salary is worth more here ($86,444) than in any other city in our study after subtracting taxes and adjusting for the cost of living.”
To read the rest of the report, go here.