Kennewick and Richland are among the five Washington cities ranked among the best places in the West to live on six-figure salary, according to MagnifyMoney’s Best and Worst Cities To Live on a Six-Figure Income Report.
MagnifyMoney analyzed 381 major metros across the U.S. to see where a family earning $100,000 can live most – and least – comfortably. The analysis found that – after factoring in basic budget items like taxes, housing and transportation – six-figure families can easily struggle to make ends meet.
Here are key findings:
- In 11 out of 381 metro areas analyzed, households earning six figures would spend more than 90 percent of their total take-home pay on basic monthly expenses. The average across all 381 metros is 75 percent of take-home pay spent on monthly expenses.
- In 71 out of 381 metro areas, households earning six figures are spending more than 75 percent of their budget on basic monthly expenses.
- Housing is a budget buster: In 64 out of 381 metros, six-figure households are spending more than one-quarter of their monthly income on housing. In 18 out of 381 metros, six-figure households are spending more than one-third on housing.
- Child care isn’t cheap: Child care expenses consume 10 percent or more of household budgets in 42 percent of all metro areas (161 of 381).
The worst metro area for a family earning $100,000 is Washington, D.C., and neighboring cities Arlington and Alexandria, Va. After factoring in monthly expenses, these families would be $315 in the red. Stamford, Connecticut, San Jose, California, San Francisco, and the New York City area round out the five worst areas for affordability.
Read the full report here: www.magnifymoney.com/blog/featured/10-places-can-earn-six-figures-still-broke1352891854.