Earning $100,000 used to automatically mean you’d live a comfortable life, but these days it doesn’t go as far as it used to, particularly in big cities like New York and San Francisco.
The inflation rate reached more than 9% less than two years ago, and though it has gone down to 3.1% in January 2024, pockets and wallets continue to reel from high prices.
This six-figure salary is still a substantial one, but it can be worth so much more- or so much less- depending on where you live. Aside from inflation, there are other factors that affect your purchasing power, such as taxes and cost of living, including housing, transportation, and food.
Purchasing power is the ability of an individual or household to buy goods and services with a given amount of money; in this case, $100,000. It represents the real value of money in terms of the quantity of goods and services that you can buy with it in the marketplace.
Changes in purchasing power can have significant implications for consumption patterns and overall standards of living. This is why it’s important to take into account the place where you live, as this can greatly affect your purchasing power.
Using data from the latest cost-of-living index by @TheEIU, our sister company, we created a “cost-of-loving index”. It ranks the world’s most expensive cities in which to go on a romantic night out. Find out which cities made the list https://t.co/QyQC0nxx77 👇
Top 10 cities where a $100,000 salary is worth the most in 2024
Finance company SmartAsset recently made a study on where a $100,000 income can go the furthest in the US. The research found that those who earn this much will get the biggest bang for their buck in El Paso, Texas, as this figure is equivalent to $88,840 of purchasing power. This is in stark contrast to living in Manhattan, where your money will be worth less than half that, at $30,914 of purchasing power.
Here are cities which offer the strongest purchasing power for $100,000 wages.
CITY
PURCHASING POWER
El Paso, Texas
$88,840
Oklahoma City, Oklahoma
$87,585
Memphis, Tennessee
$86,960
Corpus Christi, Texas
$86,383
San Antonio, Texas
$85,625
Lubbock, Texas
$85,065
Tulsa, Oklahoma
$84,507
Jacksonville, Florida
$83,878
Houston, Texas
$82,986
St. Louis, Missouri
$82,614
At the other end of the scale, Honolulu, Hawaii follows Manhattan, New York on the list of cities where $100,000 is worth the least, at $39,148 of purchasing power. San Francisco, California is next at $40,997, followed by Brooklyn, New York at $43,376 and Los Angeles, California at $47,762.
How much does a 100K A Year make? As of May 10, 2024, the average annual pay for a 100K A Year in the United States is $85,866 a year. Just in case you need a simple salary calculator, that works out to be approximately $41.28 an hour. This is the equivalent of $1,651/week or $7,155/month.
How much does a 100K A Year make? As of May 10, 2024, the average annual pay for a 100K A Year in the United States is $85,866 a year. Just in case you need a simple salary calculator, that works out to be approximately $41.28 an hour. This is the equivalent of $1,651/week or $7,155/month.
For most individuals and small families, the answer to “Is $100,000 a good salary?” is a resounding “yes.” Cost of living and family size can affect how far $100,000 will go, but generally speaking, you can live comfortably on $100,000 a year. Are you hoping to make the most of your salary?
What is the highest-paying job within the USA in 2024? Being a Chief Executive Officer is the highest-paying- job in America. This position earns an average annual salary of USD 329,500, but their earnings can go as low as USD 276,500 and as high as USD 396,000.
An annual salary of $100,000 is worth the most in El Paso, Texas, SmartAsset determined. With no state or local income tax, and a lower cost of living, the six-figure income has the purchasing power of $88,840.
A six-figure income offers the most purchasing power in El Paso, Texas, the study found. In El Paso, a $100,000 salary amounts to around $88,840 after taking out those expenses. El Paso is in west Texas and sits along the U.S.-Mexico border.
“Based on my extensive experience in Florida's real estate market, Tampa, Orlando, and Jacksonville stand out as cities where a $100,000 income goes a long way,” said Ed Brancheau, founder of SunnyNest Homes. “These cities exemplify how residents can enjoy a high quality of life without breaking the bank.”
A six-figure salary is anywhere from $100,000 to $999,999. It's called a “six-figure salary” because every number in this range has six digits. You might be thinking, 'That's a huge range. ' And you're right!
Earning more than $100,000 per year would put you well ahead of the median American household, which brings in $74,784 as of 2021. Assuming you're an individual without dependents, that salary would qualify you as upper class, according to three different definitions (Brookings, Urban Institute and Pew Research).
According to the U.S. Census Bureau, just over 20% of Americans earn an annual salary of six figures or more. The percentage of Americans in the $100K+ club has actually grown over the past few decades as the cost of living has increased and higher-paying jobs have become more prevalent.
Your financial situation dictates the value of homes you can afford with a 100k salary. Generally, a mortgage between $350,000 to $500,000 is feasible. However, a person with low Credit might only qualify for a $300,000 mortgage, while someone with excellent credit might qualify for a $500,000 mortgage.
How much is $100k as a bi-weekly salary. A year has around 26 bi-weekly periods. Thus, if you're earning $100k a year, your gross income per bi-weekly pay period would be $3,846.15.
An $100,000 salary in Chicago can provide a comfortable lifestyle. You will have the means to cover essential expenses, enjoy dining out at restaurants, explore the city's cultural offerings, and partake in entertainment activities.
To no one's surprise, California placed very high on the list! If you're working in the Golden State, you need to earn $153,700 to actually $100,000 in California, according to the report.
Introduction: My name is Arline Emard IV, I am a cheerful, gorgeous, colorful, joyous, excited, super, inquisitive person who loves writing and wants to share my knowledge and understanding with you.
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