The top 10 U.S. cities where a $100,000 salary goes the furthest—half are in Texas
A city's cost of living and taxes can play a big role in how far your money can stretch. A study by SmartAssurance has found that half of the top 10 U.S. cities where a $100,000 salary can go further, with half of these being in Texas. The study compared salaries to those in 72 large U., including those in El Paso, Texas, using data from the Council for Community and Economic Research. The cost of living is around 12% lower than the national average and home buying and renting costs are nearly 30% cheaper. However, nearly 19% of the population lives in poverty and 31% of population is under 18. El Paso is one of five Texas cities to make the list. Despite Texas not collecting state income taxes, residents still pay federal income taxes and face some of the highest property taxes in the country. Younger Americans are taking notice of the potential benefits of a move to Texas.
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As the saying goes, "everything's bigger in Texas." It turns out, that includes how far a $100,000 salary will get you, according to a recent SmartAsset study.
The financial technology company calculated the value of a $100,000 salary in 72 large U.S. cities after subtracting federal, state and local taxes, as well as housing, grocery, utility and other living costs using data from the Council for Community and Economic Research.
A six-figure income offers the most purchasing power in El Paso, Texas, the study found. In El Paso, a $100,000 salary amounts to around $88,840 after taking out those expenses.
El Paso is in west Texas and sits along the U.S.-Mexico border. The overall cost of living is around 12% lower than the national average and home buying and renting costs are nearly 30% cheaper, according to data from RentCafe.
However, nearly 19% of the population lives in poverty, according to U.S. Census data. Additionally, 31% of the population is under 18, and the median age of residents is 34, per the latest available data from the U.S. Census.
El Paso is one of five Texas cities to place on SmartAsset's list. Corpus Christi, San Antonio, Lubbock and Houston also ranked within the top 10.
One factor potentially fueling the Lone Star State's dominance is its tax friendliness, since Texas does not collect state income taxes. However, residents still pay federal income taxes and face some of the highest property taxes in the country.
Younger Americans appear to be taking notice of the potential benefits a move to Texas could have on their finances. It ranked as the No. 1 state Gen Zers — defined here as those born between 1996 and 2004 — moved to in 2022, per Zillow's analysis of the latest available migration data.