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General Discussion / This should make the Vietnamese in H-Town happy?? Why I'm a middle-classer
« on: July 07, 2023, 04:06:42 PM »
...in my area :
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A person in Houston only needs to make $125K to reach the same purchasing power as someone making $312K in New York — is it time to move to a cheaper city?
While the country’s largest and wealthiest cities generally have the highest cost of living, how far your money will go in some major cities might surprise you.
In fact, a recent study by consumer finance site SmartAsset found a person needs to earn three times the salary to afford the same lifestyle in the city of New York as they would in Houston, Texas.
The study looked at salaries, taxes and the cost of living in 76 U.S. cities to see how much a resident with a six-figure salary would have to earn to actually have $100K worth of purchasing power.
So while you may bring home a six-figure income, where you live can play a huge role in whether you're able to afford a more luxe livestyle or you end up stuck living paycheck to paycheck.
Is it worth considering a move to a lower-cost city to get more bang for your hard-earned buck?
Getting that “six-figure feel”
SmartAsset’s data revealed that people living in Honolulu, New York and San Francisco must bring in over $300,000 annually to have the same disposable income or live the same lifestyle as someone who makes just over $100,000 in other parts of the country.
These metros cost 82% more to live in than the national average and residents who make around $300,000 in these regions face a tax burden of at least 40.5%.
Second only to Honolulu at $312,400, the average New Yorker needs to make $312,000 to “get that six-figure feel,” according to the report. California is home to five of the most expensive cities with Oakland, Los Angeles, Long Beach and San Diego joining San Francisco in making the top 10 of SmartAsset's list.