What’s a buck worth in the big apple these days? Well, according to a new study buzzing around town not too much.
SmartAsset says if you’re lucky enough to make $100,000 a year in New York City it only amounts to nearly $36,000 at the end of the year. The adjusted figure takes into account taxes and the cost of living according to the financial tech company’s analysis.
The study says New York City is ranked DEAD LAST in how far your six-figure income will go. For the sake of us all, I won’t even attempt to do the math on the salaries below $100k here in the city, which is what around 70% of New Yorkers rake in every year.
Now, the obvious question: Where does $100,00 salary go the furthest in the U.S.? Do you have any guesses? The answer is Memphis, Tennessee. The Volunteer state does not tax earned income and the study says they have a cost of living that is nearly 14% below the national average. $100k in Memphis, after federal and local tax deductions and cost of living is worth more than a whopping $86,000.
No disrespect to Memphis, but I’d rather be broke in New York.
Yes, the rent is high but you have to be smart about it. Be a good tenant, don’t complain, pay your rent on time and when the lease renewal comes around it’s negotiable. And if you’re NOT haggling on your lease, you better start now.
Grocery prices are up because of inflation, COVID, really, you name a reason–but I say eat out more! It’s more fun anyway and we need to support our local businesses. And if you do buy food for your apartment just be smart about it. It’s cheaper (not to mention you save more time) to get a B.E.C sandwich from your local bodega than to buy the ingredients and make it yourself.
And, listen, we all chose this life, right? I’m in a running group and one of my fellow runners once compared running the New York City marathon to living in New York itself. We don’t choose to run it because it’s easy, we choose to run it because it’s hard. Same with living in this rat-ridden metropolis.
Sure, it would be easier to pull up to your driveway in Memphis with your bags of groceries, but wouldn’t you rather haul them up three flights of stairs?! The New York City marathon is jam packed with hills and five bridges throughout the five boroughs. My friend compared the hills and the bridges to the daily struggles of being a New Yorker. Let us remember this: They never said it would be EASY, they said it would be WORTH IT!
So yes, the rent is too damn high, food is expensive and it can cost $60 in an Uber to go to dinner downtown. But, at least for me–and I have a feeling you too– I wouldn’t change it for Memphis or for the world.
