Many people would probably consider receiving a salary of one hundred thousand dollars per year to be a significant amount of money, and rightly so. But because of things like taxes and other out-of-pocket costs, it might feel like less depending on where you live.
Alternately, there are a lot of cities in the United States where one hundred thousand dollars will feel like it goes a lot further than it does in other places.
SmartAsset, a company that provides financial resources, recently conducted a study in which it compared and adjusted the levels of income earned after taxes in the 76 largest cities in the United States.
Texas Cities Ranked
Adjusted for cost of living and taxes, here are how Texas cities ranked:
- El Paso — $100,000 feels like $84,966
- Corpus Christi — $100,000 feels like $83,443
- Lubbock — $100,000 feels like $83,350
- Houston — $100,000 feels like $81,350
- San Antonio, Fort Worth and Arlington — $100,000 feels like $80,124
- Austin — $100,000 feels like $73,777
- Dallas — $100,000 feels like $72,345
- Plano — $100,000 feels like $59,422
With the exception of Austin, Dallas, and Plano, all of these cities appeared on the list of the top 10 cities overall that were studied.
Prop Man 100K annual paychecks are worth just $36,000, after taxes and accounting for the steep cost of living. You can take a look below:
For many, a six-figure salary is THE goal.
But in NYC, a 100K annual paycheck is worth just $36,000, after taxes and accounting for the steep cost of living.
Let that sink in. pic.twitter.com/XNyVcXQjHM
— Prop Man (@JtheRealEstate) March 15, 2023
In general, the findings of the study suggest that residents of Lone Star State are able to make their money go further due to the state’s lack of a personal income tax.
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The SmartAsset, even if a person earning $100,000 in one of these cities does in fact have a lower take-home pay after taxes than what is estimated here, the cost of living relative to the national average will affect how much the money “feels.”
With the 14th lowest cost of living in the country, Texas is ranked no. 22 in the nation in the most affordable state’s list published by U.S. News & World Report. The outlet estimates that the average household income in Texas is $64,034.
The Council for Community and Economic Research (C2ER) index, EverythingLubbock.com ranked 18 Texas metropolitan areas from most expensive to least expensive back in October.
The index uses a cost of the living scale of 100 points to rank cities, so a city that scores lower than 100 is considered to be below average. A city’s cost of living is higher than the national average if it receives a score of 100 or higher.
For the purpose of identifying the most affordable areas to live in Texas, EverythingLubbock combed through the national data. Amarillo (84.9 costs of living score), McAllen-Edinburg-Mission (78.8), and Brownsville-Harlingen placed first through third (77).