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.

10 PHOTOS
10 cities where six figures will still feel like nothing
See Gallery
10 cities where six figures will still feel like nothing

10. New York, New York

Monthly after-tax income: $6,934

Estimated monthly expenses and debt: $6,429

Remaining income: $505 

Photo credit: Getty

9. Hartford, Connecticut

Monthly after-tax income: $6,934

Estimated monthly expenses and debt: $6,455

Remaining income: $479 

Photo credit: Getty

8. Honolulu, Hawaii

Monthly after-tax income: $6,805

Estimated monthly expenses and debt: $6,665

Remaining income: $140 

Photo credit: Getty

7. Oxnard, California

Monthly after-tax income: $7,086

Estimated monthly expenses and debt: $6,948

Remaining income: $138 

Photo credit: Getty

6. Boston, Massachusetts

Monthly after-tax income: $6,932

Estimated monthly expenses and debt: $6,963

Remaining income: -$31 

Photo credit: Getty

5. Minneapolis, Minnesota

Monthly after-tax income: $6,785

Estimated monthly expenses and debt: $6,838

Remaining income: -$53 

Photo credit: Getty

4. Bridgeport, Connecticut

Monthly after-tax income: $7,035

Estimated monthly expenses and debt: $7,133

Remaining income: -$98 

Photo credit: Getty

3. San Francisco, California

Monthly after-tax income: $7,086

Estimated monthly expenses and debt: $7,246

Remaining income: -$160 

Photo credit: Getty

2. Washington, DC

Monthly after-tax income: $6,932

Estimated monthly expenses and debt: $7,292

Remaining income: -$360 

Photo credit: Getty


 

1. San Jose, California

Monthly after-tax income: $7,087

Estimated monthly expenses and debt: $7,541

Remaining income: -$454 

Photo credit: Getty 

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

More from Business Insider:  
I have a 6-figure job and my husband stays home with the kids — here are 10 things no one seems to understand 
The 25 best places to live in the US if you're a renter 
There are 3 ways to keep your kids from being spoiled, no matter how rich you are

SEE ALSO: The 15 best cities in the US to find jobs that pay $100,000 or more

DON'T MISS: The top 15 cities around the world where people get paid more to work less

Read Full Story