A six-figure salary used to mean you’d made it. And yet, the latest data shows that more than eight million American workers who earn $100,000 a year are now living paycheck to paycheck, as rising inflation and hefty taxation take their toll on take-home.
In March, US inflation sat at 4.98 percent, a palpable rise on the long-term average of 3.28 percent. When it comes to stretching your paycheck, cost of living matters more than ever. Given this factor varies dramatically nationwide, where you live can absolutely determine the weight of your wallet.
Earlier this year, financial advice firm SmartAssets examined take-home pay in American cities and produced its list of the 10 locations that will make the smallest dent in your monthly budget.
Unsurprisingly, most are in the South, where the cost of living remains lower than in the country’s major financial centers and coastal cities.
While the number one best-value city for cost of living is Memphis, Tennessee, don’t mess with Texas: seven of the top 10 value-for-money cities are in the Lone Star state, which charges its residents zero state income tax. Oklahoma City, OK and St Louis, Missouri round out the list.
Top Three US Cities For Cost Of Living
Memphis, the birthplace of rock ‘n’ roll, is the city offering the most barbecue for your buck. Here, your salary goes a lot further as Tennessee also doesn’t tax earned income. When adjusted for cost of living, which is 14% below the national average, a $100,000-earner will have $86,444 to play with annually.
Second on the list is El Paso, Texas. The Sun City’s cost of living is 87.7% of the national average and the median home price is a relatively affordable $292,000.
After taxes, a premium earner on $100K will take home $74,515 here, but cost-of-living boons bring it back up to $84,966. If you need more convincing, this historic West Texas city is also one of the sunniest in the US, with 302 days of sunshine a year. Taking the bronze is Oklahoma City, Oklahoma, affectionately known as “the Big Friendly”. Here, taxes take a chunk––$100,000 is worth $70,302 net––but the easy cost of living provides a boost. Housing costs are 29% below national average and SmartAssets calculates a $100K income to be a spendable $84,498.
Meet me in St Louis
The outlier, just sneaking into the top 10, is St Louis Missouri, the only Midwestern location to make the list.
According to Forbes Advisor, you’d need an annual income of $56,664 to live well in the birthplace of Chuck Berry and Jon Hamm (as well as, coincidentally, three cast members of The US Office).
If you’re a premium earner, your $100,000 salary is worth $79,921 in St Louis. Go Cardinals.
Explore Your Options
If a move is off the cards for now, however, it might be time to leverage your worth and consider a step up. The Hill Jobs is the place to find hundreds of new roles now recruiting with healthy six-figure base salaries and attractive benefits and bonus packages.
Finance Director, EarthRights International, Washington, DC
EarthRights is a team of community organizers, campaigners and legal strategists who challenge corporations, governments and banks that violate people’s rights and destroy the planet for profit.
It is seeking a Finance Director to be ultimately responsible for managing all accounting and financial matters of the organization. You’ll be a dynamic leader with a broad understanding of accounting systems, policies, and procedures.
You will be responsible for keeping management informed regarding the organization’s financial condition and any pending problems and recommending actions to ensure the financial security and integrity of the organization. This Washington-based hybrid remote position comes with an annual base salary of $110,000–$140,000. If this role seems like a fit, apply today at The Hill Jobs.
Supply Chain Tech, EY, Atlanta
In Atlanta, EY is seeking a Supply Chain Tech to focus on the design, customization and optimization of digital and cloud-based client solutions.
Ideally, you’ll have a portfolio of skills to run the entire life-cycle of a project, from requirements definition and vendor selection to risk analysis, customization, testing, training and rollout.
You should be good at developing long-term relationships internally and externally, and be a supply chain whizz––JDA supply chain planning applications are a major plus.
This role has a base salary, depending on experience, of $88,800 to $162,800. Apply now at Get all the information on this role here.
Data Demand Pillar Lead, Asset Management, UBS, New York
Based in New York city, UBS is the world’s largest global wealth manager, with more than 70,000 employees in 50 countries. It is now seeking a Data Demand Pillar Lead in its Asset Management division.
This role involves co-leading the Core Data Services crew, where you will take ownership of the quality of data availability and distribution products, leading custom analytics solutions, big data and at-scale ML services.
Reducing the risks and instability caused by poor or misused data will be forefront in your day-to-day undertakings. You should be a visionary with a long-term viewpoint, clear roadmapping skills and an appetite for improvement, while empowering your crew members.
This role has a $200,000-$250,000 annual base salary, depending on skill and experience. Apply for this job today.
Find hundreds more exciting and challenging roles, with premium incentives, at The Hill Jobs