How Far Does $100K Stretch In Boston? You'll Be Sorry You Asked

Six-figure salaries certainly sound nice to a lot of people. After all, the median income for the American worker in 2019 is about $47,000 a year. But a new report shows that a yearly $100,000 income goes a lot further in some cities than others - including Boston.

Personal finance site GoBankingRates.com looked at where a $100,000 income would be considered “good” in America’s 50 largest cities. Boston was among the bottom 10, largely due to how costly basic expenses are.

Here’s what the authors had to say:

"Massachusetts has a reputation as a high-tax state, but a whole host of high costs lands Boston in the bottom 10 when it comes to take-home pay on a $100,000 salary. City residents suffer from high rent and grocery costs as well, along with the second-highest healthcare expenses of any city.

• Federal income taxes: $17,262.50
• Net pay after income taxes: $74,197.70
• Annual rent: $32,496
• Annual groceries: $5,245
• Annual utilities: $1,874.64
• Annual driving costs: $8,037
• Annual healthcare: $9,234
• Income leftover: $17,311

If you're willing to relocate down south (no, not Sciutate,) six-figure earners can stretch their earnings much further. Memphis, Tennessee was dubbed the best large city in America for affordability when it comes to a $100,000 earner. These people see nearly half of their income — $46,093 — left over at the end of the year after accounting for major annual costs.

“Extremely low rent and the lack of state income tax help kick Memphis to the top spot,” the report said.

Here are the top five best cities for $100,000-a-year earners.

1. Memphis, TN
2. El Paso, TX
3. Detroit, MI
4. Cleveland, OH
5. Tulsa, OK

Conversely, some $100,000 earners will find themselves struggling in certain cities. This includes San Francisco, the only city on the list where such a worker wouldn’t be able to cover routine expenses. Leftover income is actually -$2,734, the authors found.

“You’ll need to earn about $104,000 in San Francisco just to get by, since a $100K salary after taxes drops take-home pay to just over $72,000,” the report said. “The highest average rents on the entire list and the third-highest grocery costs also weigh down paychecks.”

The cities where leftover income was highest was largely due to a lack of a state income tax, the report said.

Click here to read more about the methodology.

Patch national staffer Dan Hampton contributed to this report.