While having a $100,000 salary may sound like a windfall to some people, in certain cities that money doesn’t go very far. In fact, according to a new report, there’s one city in the country where $100K doesn’t even cover living expenses.
GoBankingRates just came out with a report revealing just how far $100K goes in 50 of the most populated states in the country, and it turns out $100K isn’t nearly enough to live comfortably in San Francisco, California. In fact, the report notes that after taxes, $100K really translates to a take home pay of just over $72,0000, and thanks to high costs of rent, groceries and more it’s just not going to cut it. The report notes that folks in San Fran actually need to earn $104,000 to get by.
And San Fran isn’t the only California city where $100,000 doesn’t go very far. In San Jose, folks with $100K salaries only have about $1,800 left over after paying basic bills, while those in Oakland have $8,448, in Los Angeles they have $9,689 and those in San Diego have $13,077.
As for where $100K goes the farthest, folks in Memphis, Tennessee have it the best, where they’ll have $46,093 left over after paying their basic bills, while in El Paso, Texas $100K earners will have $44,185.