10 cities where you can make six figures and still feel broke
A $100,000 salary sounds like enough money to afford a comfortable lifestyle, but that depends on where you live. MagnifyMoney recently found the top 10 most expensive metro areas where a family of three can still be financially strapped on a six-figure salary. Based on the study, six-figure earners in six metro areas spend more money than they earn every month. Earning $100,000 isn't all it's cracked up to be if you live in an expensive city.
In a recent study, MagnifyMoney found the top 10 metro areas where you can feel broke — even if you make six figures. They determined the monthly disposable income of a hypothetical family with one child in 100 metro areas by subtracting monthly expenses, savings, debt, and taxes from an $8,333 monthly paycheck (equivalent to a $100,000 yearly pre-tax salary).
Tax estimations were based on the couple filing jointly for 2018 with a standard federal deduction, earning a federal $2,000 credit for the child. Debt was assumed to be $222 — the median monthly student loan payment. Other debt, such as housing and auto, were calculated into monthly expenses, which were determined based on location from a range of sources.
Based on this analysis, six metro areas have to spend more than they earn in a month.
Below, see how far six figures will get you in the most expensive metro areas in the US, ranked from least expensive to most expensive.
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