25 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. 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.
GOBankingRates conducted a study to identify cities where $100,000 won’t cover the average cost of rent for an apartment and basic necessities. Using Zillow to find the median rent and Sperling’s Best Places to calculate the average cost of living, the study found 25 cities where even six-figure earners need to find ways to make ends meet.
25. Santa Clarita, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,554
Overall annual expenditures: $100,101.49
Amount left over from $100,000: -$101.49
24. Alexandria, Virginia
Metro area: Washington-Arlington-Alexandria
Average monthly rent: $1,893
Overall annual expenditures: $100,466.38
Amount left over from $100,000: -$466.38
23. Santa Rosa, California
Metro area: Santa Rosa
Average monthly rent: $2,578
Overall annual expenditures: $102,108.39
Amount left over from $100,000: -$2,108.38
22. Anaheim, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,461
Overall annual expenditures: $103,689.58
Amount left over from $100,000: -$3,689.58
21. Garden Grove, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,460
Overall annual expenditures: $104,054.47
Amount left over from $100,000: -$4,054.47
20. Washington, D.C.
Metro area: Washington-Arlington-Alexandria
Average monthly rent: $2,328
Overall annual expenditures: $105,757.29
Amount left over from $100,000: -$5,757.29
19. San Diego
Metro area: San Diego-Carlsbad
Average monthly rent: $2,518
Overall annual expenditures: $107,946.63
Amount left over from $100,000: -$7,946.63
18. Whittier, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,336
Overall annual expenditures: $108,311.52
Amount left over from $100,000: -$8,311.52
17. Long Beach, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,323
Overall annual expenditures: $108,919.67
Amount left over from $100,000: -$8,919.67
16. Boston
Metro area: Boston-Cambridge-Newton
Average monthly rent: $2,757
Overall annual expenditures: $110,440.04
Amount left over from $100,000: -$10,440.04
15. Hayward, California
Metro area: San Francisco-Oakland-Hayward
Average monthly rent: $2,764
Overall annual expenditures: $112,933.46
Amount left over from $100,000: -$12,933.46
14. Arlington, Virginia
Metro area: Washington-Arlington-Alexandria
Average monthly rent: $2,239
Overall annual expenditures: $116,947.25
Amount left over from $100,000: -$16,947.25
13. Los Angeles
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,771
Overall annual expenditures: $118,650.07
Amount left over from $100,000: -$18,650.07
12. Honolulu
Metro area: Urban Honolulu
Average monthly rent: $2,405
Overall annual expenditures: $122,298.97
Amount left over from $100,000: -$22,298.97
11. Oakland, California
Metro area: San Francisco-Oakland-Hayward
Average monthly rent: $2,942
Overall annual expenditures: $122,359.78
Amount left over from $100,000: -$22,359.78
10. Seattle
Metro area: Seattle-Tacoma-Bellevue
Average monthly rent: $2,238
Overall annual expenditures: $124,062.60
Amount left over from $100,000: -$24,062.60
9. Huntington Beach, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,754
Overall annual expenditures: $125,461.35
Amount left over from $100,000: -$25,461.35
8. New York
Metro area: New York-Newark-Jersey City
Average monthly rent: $2,329
Overall annual expenditures: $127,285.80
Amount left over from $100,000: -$27,285.80
7. Irvine, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,903
Overall annual expenditures: $128,623.73
Amount left over from $100,000: -$28,623.73
6. Glendale, California
Metro area: Los Angeles-Long Beach-Anaheim
Average monthly rent: $2,699
Overall annual expenditures: $134,583.60
Amount left over from $100,000: -$34,583.60
5. Bellevue, Washington
Metro area: Seattle-Tacoma-Bellevue
Average monthly rent: $2,421
Overall annual expenditures: $140,908.36
Amount left over from $100,000: -$40,908.36
4. Fremont, California
Metro area: San Francisco-Oakland-Hayward
Average monthly rent: $3,027
Overall annual expenditures: $154,409.29
Amount left over from $100,000: -$54,409.29
3. San Jose, California
Metro area: San Jose-Sunnyvale-Santa Clara
Average monthly rent: $3,142
Overall annual expenditures: $158,119
Amount left over from $100,000: -$58,119
2. San Francisco
Metro area: San Francisco-Oakland-Hayward
Average monthly rent: $4,272
Overall annual expenditures: $185,303.31
Amount left over from $100,000: -$85,303.31
1. Sunnyvale, California
Metro area: San Jose-Sunnyvale-Santa Clara
Average monthly rent: $3,551
Overall annual expenditures: $238,333.99
Amount left over from $100,000: -$138,333.99
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Methodology: GOBankingRates determined the 25 cities where you’re broke earning $100,000 by analyzing 200 major cities in the U.S. along the following criteria: (1) average annual expenditures for all consumer units as sourced from the third quarter 2017 through the second quarter 2018 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. GOBankingRates also found each city’s (2) average rent, based on Zillow’s median monthly rent from January 2019 to July 2019; (3) itemized costs of living 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 necessities, which is the sum of rent, groceries, healthcare, utilities and transportation. All data compiled on Aug. 27, 2019.
This article originally appeared on GOBankingRates.com: 25 Cities Where You’re Broke Earning $100,000
