$100,000 salaries go the furthest in these Texas cities
(NEXSTAR) – A $100,000 annual salary probably sounds like a lot of money to many people – and it is. But depending on where you live, it might seem less because of the expenses and taxes.
Alternatively, there are many US cities where $100,000 will seem to stretch more than others. Financial resource outlet SmartAsset recently compared after-tax income in 76 largest US cities and adjusted the amounts for cost of living.
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Adjusted for cost of living and taxes, here’s how Texas cities ranked:
- El Paso — $100,000 feels like $84,966
- Corpus Christi: $100,000 looks like $83,443
- Lubbock: $100,000 looks like $83,350
- Houston: $100,000 looks like $81,350
- San Antonio, Fort Worth and Arlington: $100,000 looks like $80,124
- Austin: $100,000 looks like $73,777
- Dallas: $100,000 looks like $72,345
- Plano: $100,000 looks like $59,422
Among these cities, all but Austin, Dallas, and Plano were in the top 10 of all cities studied. Overall, the study indicates that the low cost of living in the Lone Star State and the absence of state taxes help keep dollars stretching.
SmartAsset notes that while someone earning $100,000 in these cities may actually have lower after-tax pay than expected here, the cost of living based on the national average will affect how much the money “feels” like.
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So what exactly is the cost of living in Texas?
The current ranking of states by affordability by US News & World Report ranks Texas No. 22nd in the nation – with the 14th lowest cost of living in the U.S. The median household income in Texas, according to the outlet, is $64,034.
In October, EverythingLubbock.com ranked 18 Texas metropolitan areas from most to least expensive, according to the Council for Community and Economic Research (C2ER) index. The index ranks cities using a cost of living indicator of 100 points, meaning that if a city is below 100, it is below average. If a city scores above 100, its cost of living is above the national average.
EverythingLubbock sifted through national data to determine the cheapest places to live in Texas. Dropping out in the top 3 spots were Amarillo (84.9 cost of living score), McAllen-Edinburg-Mission (78.8), and Brownsville-Harlingen (77).
