NEW YORK — Tired of talking about inflation? We don’t blame you. The truth hurts.
And a new study from New York-based financial technology firm SmartAsset shows just how much.
The company analyzed 76 of the largest cities in the United States to determine the true value of a $100,000 after-tax salary. He adjusted those numbers for the after-tax amount and the cost of living in each.
The results may be even more amazing than you thought. According to data from SmartAsset, an annual salary of $100,000 in New York comes to just $35,791 when these factors are taken into account.
This figure is good for last place in the SmartAsset study. He can’t even buy you a Tesla. And that can barely buy you half a year of college at Columbia University, based on that tuition.
Of the 76 cities assessed, $100,000 has the smallest extent in New York. Rounding out the bottom five: Honolulu, Hawaii ($36,026); San Francisco, California ($36,445); Washington, D.C. ($44,307); and Long Beach and Los Angeles, Calif., which tied at $44,623.
In other words, $100,000 isn’t what it used to be, and 51% of people who earned more than that in December said they were living paycheck to paycheck, according to a recent PYMNTS survey. and LendingClub cited by SmartAsset.
Are you curious about New Jersey and Connecticut? Or elsewhere in New York?
Newark, New Jersey ranks 63rd on SmartAsset’s list. There, a salary of $100,000 a year is worth about $57,082 when the cost of living and taxes are taken into account. That same six-figure salary is worth about $72,840 in Buffalo (31st overall). Connecticut had no cities represented in the study.
Want better news? Seven of the 10 cities in the SmartAsset study where $100,000 went the furthest are in Texas, though Oklahoma City wins for the lowest cost of living. Use the search table below and get more SmartAsset.