ST. LOUIS – If you’re hoping to stretch your dollars on a six-figure salary, new research shows that St. Louis might be one of the best options to make that happen.
A new analysis ranked St. Louis as the tenth-best U.S. city for which a $100,000 salary goes furthest. SmartAsset, a consumer-focused financial information and advice website, revealed the findings in a recently-published 2023 study called “What $100,000 Is Actually Worth in the Largest U.S. Cities?”
Research teams compared 76 of the largest U.S. cities based on how much $100,000 is worth when considering after-tax income and other cost-of-living factors. SmartAsset specifically used a formula through a paycheck calculator to determine take-home pay per paycheck for both salary and hourly jobs after taking into account federal, state and local taxes.
The following insight was offered on earning a $100K salary in St. Louis:
“St. Louis rounds out the top 10. While taxes reduce a $100,000 salary to $69,531, the city’s low cost of living (87% of the national average) makes those after-tax dollars go even further. As a result, a $100,000 salary in St. Louis is worth $79,921 after subtracting taxes and adjusting for the cost of living.”
Researchers named Memphis, Tennessee as the best large city for living on a $100,000 salary, while New York City finished last in the rankings.
SmartAsset also notes that six-figure salary workers should consider maxing out their retirement accounts and calculate their region’s cost-of-living to best maximize their earnings.