And because the city's cost of living is 14% below the national average, on an adjusted basis, that feels like $86,444. Because Tennessee doesn't tax earned income, a Memphis resident earning $100,000 takes home $74,515 after federal and state taxes, according to analysis by SmartAsset. The difference may be even more stark than you imagine. You don't have to be an economist to know that earning $100,000 in New York City is different than earning $100,000 in Memphis, Tennessee. How far your dollar goes depends in large part on your cost of living, which varies depending on factors such as lifestyle, household size and, especially, location. That's because, between 2013 and now, the dollar had average annual inflation of about 2.6%, or a cumulative rate of about 29%. So can the burden of student loans, which workers often need to take out to qualify for high-paying jobs in the first place.Īnd that's before you consider inflation.Īccording to data from the Bureau of Labor Statistics, you'd have to earn about $129,000 today to have the same purchasing power that a salary of $100,000 had just a decade ago. ![]() The cost of living in coastal cities like D.C., where a lot of high-paying jobs are located, can feel staggering. to make six figures, technically be "upper class," and yet still feel precarious is not just a case of big spenders mismanaging their money. The fact that it's so common for people in the U.S. Assuming you're an individual without dependents, that salary would qualify you as upper class, according to three different definitions (Brookings, Urban Institute and Pew Research). Earning more than $100,000 per year would put you well ahead of the median American household, which brings in $74,784 as of 2021.
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