13 Cities Where You’re Broke Earning $100,000

Share
13 Cities Where You’re Broke Earning $100,000

It used to be that earning six figures meant living in relative luxury in most of the United States. After all, a $100,000 salary has long been viewed as an important milestone in a person’s career — a sign that you’ve really made it.
Find Out: These Are the 15 Best Cities for Gen Z To Live Well on a Budget
Learn More: The Upper Class Has Taken Over These 15 Cities
Unfortunately, the goalposts for success appear to have moved for a considerable portion of America. Many affluent cities that produce the highest salaries have also seen basic costs of living spiral higher and higher. While earning $100,000 a year might make you “rich” in much of the U.S., in some places it isn’t even enough to cover your bills.
Moving? 35 Surprising Cities With Low Costs of Living
GOBankingRates conducted a study to identify cities where $100,000 won’t cover the average cost for a home and basic necessities. Using Zillow to find the median home price and Sperling’s Best Places to calculate the average cost of living, the study found 13 cities where even six-figure earners need to find ways to make ends meet.
Here are cities in which you’ll break the bank even if you’re making bank.
Last updated: Sep. 22, 2021
San Francisco
- Metro area: San Francisco-Oakland-Hayward
- Average home value: $1,537,590
- Overall annual expenditures: $166,290.06
- Amount left over from $100,000: -$66,290.06
Important: How Far a $100,000 Salary Goes in America’s 50 Largest Cities
Fremont, California
- Metro area: San Francisco-Oakland-Hayward
- Average home value: $1,318,350
- Overall annual expenditures: $140,355.48
- Amount left over from $100,000: -$40,355.48
San Jose, California
- Metro area: San Jose-Sunnyvale-Santa Clara
- Average home value: $1,264,171
- Overall annual expenditures: $132,451.61
- Amount left over from $100,000: -$32,451,61
Affordable Areas: These Are the 50 Best Cities for Renters
Glendale, California
- Metro area: Los Angeles-Long Beach-Anaheim
- Average home value: $1,121,069
- Overall annual expenditures: $119,546.06
- Amount left over from $100,000: -$19,546.06
New York
- Metro area: New York-Newark-Jersey City
- Average home value: $702,291
- Overall annual expenditures: $115,594.13
- Amount left over from $100,000: -$15,594.13
Housing Costs: Houses in These 29 Cities Are Suddenly Major Bargains
Irvine, California
- Metro area: Los Angeles-Long Beach-Anaheim
- Average home value: $1,144,752
- Overall annual expenditures: $115,532.38
- Amount left over from $100,000: -$15,532.38
Huntington Beach, California
- Metro area: Los Angeles-Long Beach-Anaheim
- Average home value: $1,061,933
- Overall annual expenditures: $113,494.66
- Amount left over from $100,000: -$13,494.66
Do Your Research: What Homes Will Be Worth in Your State by the End of 2021
Honolulu
- Metro area: Urban Honolulu
- Average home value: $1,125,424
- Overall annual expenditures: $108,986.99
- Amount left over from $100,000: -$8,986.99
Oakland, California
- Metro area: San Francisco-Oakland-Hayward
- Average home value: $971,984
- Overall annual expenditures: $107,690.26
- Amount left over from $100,000: -$7,690.26
Invest Your Extra Money: How To Buy Stocks Online
Los Angeles
- Metro area: Los Angeles-Long Beach-Anaheim
- Average home value: $894,348
- Overall annual expenditures: $107,011.02
- Amount left over from $100,000: -$7,011.02
Find Out: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet
Seattle
- Metro area: Seattle-Tacoma-Bellevue
- Average home value: $888,306
- Overall annual expenditures: $106,393.53
- Amount left over from $100,000: -$6,393.53
Don’t Miss: 25 Tricks To Sell Your House for a Bigger Profit
Arlington, Virginia
- Metro area: Washington-Arlington-Alexandria
- Average home value: $929,614
- Overall annual expenditures: $104,170.56
- Amount left over from $100,000: -$4,170.56
Boston
- Metro area: Boston-Cambridge-Newton
- Average home value: $687,024
- Overall annual expenditures: $100,280.38
- Amount left over from $100,000: -$280.38
More From GOBankingRates
Cynthia Measom contributed to the reporting for this article.
Methodology: GOBankingRates determined the cities where you’re broke earning $100,000 in the U.S. along the following criteria: (1) average annual expenditures for all consumer units as sourced from the midyear 2019/2020 Consumer Expenditure Survey from the Bureau of Labor Statistics and then adjusted to each city’s overall annual expenditures using Sperling’s Best Places’ Overall Cost-of-Living Index. Those cities with over $100,000 in annual expenditures were included. For the 13 qualifying cities GOBankingRates also found each city’s (2) average 2021 home value, based on Zillow’s data from January to July 2021; itemized costs of living for necessities, sourced from Sperling’s Best Places, such as (4) groceries cost of living; (5) healthcare cost of living; (6) utilities cost of living; (7) transportation cost of living; (8) annual cost of neccessities, which is the sum of rent, groceries, healthcare, utilities and transportation. All data compiled on Aug. 31, 2021.
Share this article: