$100K paychecks go furthest in these Texas cities
How far does $100K go in your city?
(NEXSTAR) — A yearly paycheck of $100,000 probably sounds like a lot of money to lots of people — and it is. But depending where you live, it might feel like less because of expenses and taxes.
Alternatively, there are many U.S. cities where $100,000 will feel like it stretches further than others. Financial resource outlet SmartAsset recently compared after-tax income in the 76 largest U.S. cities and adjusted the amounts for cost of living.
Adjusted for cost of living and taxes, here are how Texas cities ranked:
- El Paso — $100,000 feels like $84,966
- Corpus Christi — $100,000 feels like $83,443
- Lubbock — $100,000 feels like $83,350
- Houston — $100,000 feels like $81,350
- San Antonio, Fort Worth and Arlington — $100,000 feels like $80,124
- Austin — $100,000 feels like $73,777
- Dallas — $100,000 feels like $72,345
- Plano — $100,000 feels like $59,422
Among these cities, all except Austin, Dallas and Plano were on the top 10 list of all cities studied. In general, the study points toward low costs of living in the Lone Star State and an absence of state tax as helping dollars stretch.
SmartAsset notes that while someone earning $100,000 in these cities may in actuality have lower pay after taxes than what's projected here, cost of living based on the national average will affect how much the money "feels."
So what exactly is the cost of living in Texas?
U.S. News & World Report's current rankings of states by affordability ranks Texas no. 22 in the nation — with the 14th lowest cost of living in the U.S. Median household income in Texas, according to the outlet, is $64,034.
Back in October, EverythingLubbock.com ranked 18 of Texas' metropolitan areas from most to least expensive, based on the Council for Community and Economic Research (C2ER) index. The index ranks cities using a 100-point cost of living gauge — meaning if a city ranks under 100, it's below average. If a city scores over 100, its cost of living is higher than the national average.
EverythingLubbock combed through the national data to determine the cheapest places to live in Texas. Coming out in the top 3 places were Amarillo (84.9 cost of living score), McAllen-Edinburg-Mission (78.8) and Brownsville-Harlingen (77).