New Yorkers must earn this much to live like they make $100K
Residential luxury towers stand along nicknamed Billionaires Row, a stretch of 57th Street that holds the majority of Manhattan’s supertall luxury towers on May 16, 2022 in New York City. (Photo by Spencer Platt/Getty Images)
NEW YORK - New York, New York: the city that never sleeps. But these days, it'll definitely exhaust your bank account.
If you're a resident of the Big Apple, you already know that living here can be incredibly expensive. Between rent and taxes, New Yorkers are getting absolutely hammered.
"Everything seems to keep going up except salaries and so it's a lot harder for people to make ends meet," one New Yorker told FOX 5 NY.
The average rent in the city for a one-bedroom apartment is now a staggering $4,100 a month.
"The only other city that's more expensive to live in is Honolulu, Hawaii," said Jaclyn DeJohn, the editor of Economic Analysis for SmartAsset, a financial technology company.
How far does $100,000 go in New York City?
The company SmartAsset compared how much $100,000 was worth in 76 of the largest cities in the U.S.
In a new analysis, SmartAsset broke down how much NYC residents need to make a year in order to equal the purchasing power of a $100,000 salary.
"We found that New York City residents on average need more than $312,000 just to take home the equivalent of $100,000," said DeJohn.
New Yorkers who spoke to FOX 5 NY responded that they thought it would take anywhere from $250,000 to $500,000 to be able to live "comfortably" in the city, although definitions of "living comfortably" surely change from person to person.
Majority of Americans on $100,000 salaries are living paycheck to paycheck
More than half of Americans making at least $100,000 a year are living paycheck to paycheck.
New Yorkers are paying top dollar for everything including rent, taxes, health care, food, transportation, dry cleaning, and so on.
"It's becoming a very rich city. A real divide between the haves and the have-nots," said Jordan Goodman, a personal finance expert. "Because the taxes are so much higher in New York. Not only city, state, federal; it comes to about 41 percent average tax."
So, what's a New Yorker to do? If you want your six-figure salary to go further, you might have to consider moving. But let's be honest, there's no place like New York City.