A six-figure wage might look like rather a lot, however relying on the place you reside, your take-home pay may solely be 1 / 4 of your earnings after accounting for taxes and the price of residing.
A brand new report by monetary expertise firm SmartAsset discovered that the buying energy of a $250,000 wage drastically various based mostly on location.
The town the place a $250,000 wage was well worth the least was New York—these six digits dwindled right down to a mere $82,421 after factoring in taxes and the price of residing—adopted by Honolulu ($82,672) and San Francisco ($82,776).
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The cities the place high-earners take residence essentially the most of their $250,000 salaries are Memphis, TN which got here in at No. 1 with $203,664, adopted by El Paso, TX ($200,180), and Oklahoma Metropolis, OK ($197,381).
SmartAsset used its paycheck calculator to find out the take-home pay of 76 of America’s largest cities after which adjusted the take-home quantity to issue within the common value of residing for every of the areas. The three cities (New York, Honolulu, and San Francisco) the place high-earners lose most of their wage to taxes and different bills have been additionally the one cities within the report the place employees’ six-figure wage was decreased to 5 digits after taxes and prices.
Listed below are the U.S. cities the place the worth of a $250,000 wage is price essentially the most and least.
The place $250,000 goes the furthest:
1. Memphis, TN: $203,664
2. El Paso, TX: $200,180
3. Oklahoma Metropolis, OK: $197,381
4. Corpus Christi, TX: $196,594
5. Lubbock, TX: $196,374
The place $250,000 is well worth the least:
1. New York, NY: $82,421
2. Honolulu, HI: $82,672
3. San Francisco, CA: $82,776
4. Lengthy Seashore, CA and Los Angeles, CA (tie): $101,635
5. Washington, DC: $101,865