Americans looking for a home where they can squeeze the most out of their income have two top options right here in North Texas, according to a new study.
The cost-of-living study by fintech company SmartAsset says Fort Worth, Arlington, and San Antonio are tied at No. 7 among 76 U.S. cities for “Where $100,000 Goes Furthest.”
In the three Texas cities, a person earning $100,000 takes home $74,515 after taxes. But according to the study, that money is actually worth $80,124 when you adjust for the cost of living in all three cities—which is 7% lower than the U.S. average.
In NYC, $100K is only worth $36,000
That $80,124 should make people in Fort Worth and Arlington feel like gazillionaires compared to folks in New York City, where $100,000 is only worth a measly $36,000, according to the study, which ranked the Big Apple last among all 76 cities.
So where does that $100K go the furthest? In Memphis, Tennessee, the study says—where after-tax earnings are actually worth $86,444 when adjusting for the cost of living.
No. 1 Memphis is followed on the list by El Paso at No. 2 (where $100K is worth $84,966); Oklahoma City at No. 3 (where $100K is worth $84,498); Corpus Christi at No. 4 (where $100K is worth $83,443); Lubbock at No. 5 (where $100K is worth $83,350); and Houston at No. 6 (where $100K is worth $81,350).
To arrive at the results, SmartAsset says it used the SmartAsset paycheck calculator and Council for Community and Economic Research data to estimate purchasing power after living expenses are accounted for, with each of the 76 cities analyzed using a salary of $100K.
You can see the full study by going here.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.