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100K doesnt go very far in New York City

According to a recent survey, 51% of people who earned more than $100,000 reported living paycheck to paycheck in 2022 7% higher than a year earlier. Linda Schimdt has the story:

For many of us, when we hear $100,000, that sounds like a huge amount of money. But if you live and work in the tri-state, that salary doesn't go very far. 

"I think for New York City a hundred grand would make you pretty poor," said Parul Jain, an associate professor of finance and economics at Rutgers Business School. 

"Honestly, unless you're making about 150,000, I'd say you can't live comfortably," one New Yorker told FOX 5 New York. 

"Eighty percent of my salary goes to rent alone," another New Yorker said. 

RELATED: Study shows what $100K is actually worth in the largest U.S. cities 

SmartAsset compared how much a $100,000 salary is actually worth in 76 of the largest cities across the United States. 

New York was dead last. 

FILE – The Manhattan skyline is seen at sunrise from the 86th floor observatory of the Empire State Building on April 3, 2021, in New York City. (ANGELA WEISS/AFP via Getty Images)

"Just how much taxes and then cost of living chip away at a six figure salary," said Susannah Snider, managing editor for financial education with SmartAsset. 

In New York City, $100,000 amounts to about $36,000 after taxes and adjusting for the cost of living. 

In Memphis, Tennessee, $100,000 equals about $86,000. In Houston, Texas, it's about $81,000 and in St. Louis, Missouri, about $80,000. 

"The five things that eat up our money is basically housing, transportation, taxes," said Jain. "Food costs have gone up obviously everywhere." 

"A hundred thousand doesn't go very far as far as New York City, in particular, is concerned," Jain added. "They will be forced to share and to live more like grad students than professionals." 

Jain said in addition to high taxes and housing costs, inflation is taking a considerable chunk out of many people’s budgets. 

"The same basket of goods about a year ago cost 350 dollars less per month," she said. 

We often hear the argument that we make higher salaries in the tri-state, salaries we would not earn if we moved to Tennessee or Texas, for example. 

However, Jain said the pandemic changed that because many companies are flexible now and you don't have to live in the same state where you work. 

"They've decided to move to Florida or the Midwest and other places where they can reap the advantages, still reaping or tapping into higher salaries, but yet getting a lower housing bill and so on," she said. 

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