Community Corner
Here’s Just How Far $100K Goes In Denver
A new report looks at how far a $100,000-a-year income goes in the 50 largest cities. See the results for Denver.
![A new report looks at how far a $100,000-a-year income goes in the 50 largest cities.](https://patch.com/img/cdn20/users/22959560/20190524/094717/styles/patch_image/public/100-abstract-america-american-background-bank-banking-banknote-benjamin-bill-bills-business-cash-closeup-currency-debt-dolla-20190524094142-64221400.jpg)
DENVER, CO – Six-figure salaries certainly sound nice to a lot of Americans. After all, the median income for the American worker in 2019 is about $47,000 a year. But a new report shows that a yearly $100,000 income goes a lot further in some cities than others. And in one city, it’s not even enough to pay the bills.
The folks at the personal finance site GoBankingRates.com looked at where a $100K income would be considered “good” in America’s 50 largest cities. Denver was not one of them.
Denver was rated the 13th-worst city in which to survive for those earning $100,000. Here’s what the authors had to say:
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“Denver nearly cracks the bottom 10 when it comes to leftover income on a $100,000 salary. Rent and groceries are the two main culprits pulling money out of residents’ pockets.”
- Federal income taxes: $17,262.50
- Net pay after income taxes: $74,793.70
- Annual rent:$25,560
- Annual groceries:$4,020
- Annual utilities:$1,448.52
- Annual driving costs:$11,674
- Annual healthcare:$6,500
- Income leftover:$25,591
Six-figure earners looking to get the most bang for their buck ought to consider heading to Memphis, Tennessee. The so-called “birthplace of rock ‘n roll” was dubbed the best large city in America for affordability when it comes to a $100K earner. These people see nearly half of their income — $46,093 — left over at the end of the year after accounting for major annual costs.
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“Extremely low rent and the lack of state income tax help kick Memphis to the top spot,” the report said.
Here are the top five best cities for $100,000-a-year earners.
- Memphis, TN
- El Paso, TX
- Detroit, MI
- Cleveland, OH
- Tulsa, OK
Conversely, some $100K earners will find themselves struggling in certain cities. This includes San Francisco, the only city on the list where such a worker wouldn’t be able to cover routine expenses. Leftover income is actually -$2,734, the authors found.
“You’ll need to earn about $104,000 in San Francisco just to get by, since a $100K salary after taxes drops take-home pay to just over $72,000,” the report said. “The highest average rents on the entire list and the third-highest grocery costs also weigh down paychecks.”
The cities where leftover income was highest was largely due to a lack of a state income tax, the report said.
Click here to read more about the methodology.
Patch national staffer Dan Hampton contributed to this report.
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