A recent ranking conducted by personal finance advisor SmartAsset has determined the cheapest and most expensive cities to live in among 76 US cities. The ranking found that in certain cities, an annual salary of $300,000 would be reduced to $100,000 after taxes.
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The top ten most expensive cities in the US have been revealed, where you’d need to earn $300,000 to feel like you earn $100,000 – and New York did not come top of the list.
Surprisingly, the most expensive city was Honolulu, followed then by New York and San Francisco.
A ranking compiled by the personal finance advisor SmartAsset ranked 76 US cities to determine which were the cheapest and most expensive to live in.
To have the ‘purchasing power’ of $100,000 each year you will clearly need an annual salary higher than that, but how much more will depend on local taxes and the cost of living.
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In Honolulu, New York and San Francisco, a salary of about $310,000 boils down to $100,000 once taxes and the increased cost of living are considered.
By contrast, in Memphis, El Paso and Oklahoma City, a comparatively low salary of around $120,000 will offer the same sense of financial freedom, or the ‘new’ $100,000.
That ranking is heavily influenced by local taxes – the most expensive states, California, Hawaii and New York, all have high income tax.
State income tax is around eight percent on a $312,000-a-year income in California. In Hawaii and New York it is around nine and six percent respectively.
Similarly the states containing cheapest cities, Tennessee and Texas, have no income tax. Meanwhile Oklahoma’s income tax is relatively low – around 4 percent on a $120,000-a-year income.
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