U.S. & World

Make $100K? Moving to one of these cities will make you feel broke

SAN FRANCISCO, CA (KRON) - Three cities in California made Magnify Money's list of top 10 places in the U.S. where those earning $100,000 per year still feel broke. 

For the study, the personal finance website hypothetically used a family of three (2 adults and one child) earning over $100,000 a year (or $8,333 monthly) in gross income.

Then it factored in monthly expenses, debt payments, savings, and tax obligations to calculate what its disposable income would be in certain metro areas, basing it off the average lifestyles of similar earners in those areas.

San Jose (also including Sunnyvale and Santa Clara) took the top spot, replacing Washington D.C. from last year's study. According to the study,the family would need to either dip into savings or rely on credit cards to cover the $454 budget deficit. 

San Francisco (also including Oakland and Hayward) ranked No. 3 (preceded by Washington D.C.). According to the study, San Francisco offers slightly lower living costs but it's more affordable compared to San Jose because the family will save $320 on housing and transportation. Last year, San Francisco ranked fourth. 

The only other California city to make the list was Oxnard, a seaside city west of Los Angeles. Oxnard came in at No. 7.

Here's the full list: 

  1. San Jose, Calif. 
  2. Washington, D.C. 
  3. San Francisco
  4. Bridgeport, Conn. 
  5. Minneapolis
  6. Boston
  7. Oxnard, Calif. 
  8. Honolulu
  9. Hartford, Conn. 
  10. New York

To see the full study, visit magnifymoney.com.

 

 


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