What city will give the most bang for your buck? If you live in a big US city, try this quiz and find out. Spoiler: It’s not New York or San Francisco.
The “best place in each state to live on a $50,000 salary” is a blog that has been written by the New York Times. The article provides information about the best cities in each US state for people with a salary of $50,000.
Isn’t it true that huge city implies big money? If you want to make a lot of money in the IT industry, you should look for work in San Francisco. You decide to cash in your MBA chips by relocating to New York City. Right?
Yes, in absolute terms. In the United States, San Francisco has the highest average tech and cross-sector salary. One out of every three New Yorkers earns a six-figure income.
However, in reality, the answer is no. You may wish you had looked beyond the figures on your job offer while looking for homes, shopping for food, or doing your taxes. San Francisco’s average tech sector salary isn’t even among the top 30 cities in America when adjusted for cost of living.
CashNetUSA wants to make sure you understand exactly what that beginning pay entails. We used city wage data from Payscale and modified it using Bureau of Economic Analysis cost-of-living data. For a cross-sector study as well as a specific look at the IT, business, and banking sectors, we employed the same strategy.
Methodology
The Bureau of Economic Analysis provided us with a list of metropolitan regions as well as cost of living statistics, including regional price parity values per metro. Then we used Payscale to gather city wage data by sector and modified salaries based on cost of living data.
A complete list of sources may be found here.
DepositPhotos.com is the source of this image.
Wage Gaps & Cost of Living
When cost of living is taken into account, pay disparities for cities of various sizes may be seen in this scatter graph. It considers all economic sectors. The blue symbols represent the average pay in each city size, while the red icons represent the number after cost of living is taken into account.
Because the cost of living grows in lockstep with the population of a metropolis, your money goes farther in small towns. Large cities, on the other hand, normally have higher incomes to compensate for the greater expenditures. When living expenses are taken into account, the typical worker in a city with less than 250k residents effectively gets a near $5,000 benefit.
As cities grow in size, the distance becomes narrower and smaller. The high cost of living in the largest cities reduces the effective average pay. As a consequence, the average adjusted pay in the smallest cities is just $3k lower than in the biggest, compared to a $8k gap using unadjusted data.
Find the top 20 cities in the United States where your pay will stretch the farthest.
CashNetUSA.com / Neomam / CashNetUSA.com / Neomam / CashNetUSA.com / Neomam
Connecticut’s Hartford-East Hartford-Middletown is number 20.
- Salary: $66,214 (adjusted)
- Salary: $67,869 (unadjusted)
DepositPhotos.com is the source of this image.
Bloomington, Illinois is number 19 on the list.
- Salary: $66,316 (adjusted)
- Salary: $60,746 (unadjusted)
IanDikhtiar is the author of this image.
Indianapolis-Carmel-Anderson (Indianapolis-Carmel-Anderson)
- Salary: $66,543 (adjusted)
- Salary: $60,621 (unadjusted)
Deposit Photos provided the image.
17. Texas (Dallas-Fort Worth-Arlington)
- Salary: $66,728 (adjusted)
- Salary: $67,529 (unadjusted)
typhoonski is the author of this image.
16. Atlanta, Georgia (Atlanta-Sandy Springs-Alpharetta)
- Salary: $66,758 (adjusted)
- Salary: $65,356 (unadjusted)
Deposit Photos provided the image.
Raleigh-Cary, North Carolina is ranked number 15 in the United States.
- Salary: $66,788 (adjusted)
- Salary: $64,183 (unadjusted)
DepositPhotos.com is the source of this image.
Morgantown, West Virginia is number fourteen.
- Salary: $67,046 (adjusted)
- Salary: $60,207 (unadjusted)
BackyardProduction / istockphoto is the source of this image.
Birmingham-Hoover, Alabama (#13)
- Salary: $67,418 (adjusted)
- Salary: $59,530 (unadjusted)
DepositPhotos.com is the source of this image.
Elkhart-Goshen, Indiana (#12)
- Salary: $68,510 (adjusted)
- Salary: $60,837 (unadjusted)
Image credit: iStock/William Reagan
Rochester, Minnesota (#11)
- Salary: $68,746 (adjusted)
- Salary: $63,865 (unadjusted)
Image credit: istockphoto/leightrail.
Charlotte-Concord-Gastonia, North Carolina is ranked number ten.
- Salary: $69,265 (adjusted)
- Salary: $65,386 (unadjusted)
DepositPhotos.com is the source of this image.
Wisconsin’s Fond du Lac is number nine.
- Salary: $69,624 (adjusted)
- Salary: $61,130 (unadjusted)
Kevin Pawlak / iStock / Kevin Pawlak / iStock / Kevin Pawlak / iStock
Columbus, Indiana is number eight.
- Salary: $69,625 (adjusted)
- Salary: $61,758 (unadjusted)
Kirkikis / iStock / Kirkikis / iStock / Kirkikis / iStock
St. Louis is number seven.
- Salary: $69,833 (adjusted)
- Salary: $62,920 (unadjusted)
Nicolas Henderson / Flickr. Image credit: Nicolas Henderson / Flickr.
North Carolina’s Durham-Chapel Hill is ranked sixth.
- Salary: $70,725 (adjusted)
- Salary: $67,048 (unadjusted)
Sean Pavone / istockphoto contributed to this image.
Huntsville, Alabama is number five.
- Salary: $71,194 (adjusted)
- Salary: $63,363 (unadjusted)
Sean Pavone / istockphoto contributed to this image.
4. The city of Columbus, Georgia
- Salary: $73,033 (adjusted)
- Salary: $64,708 (unadjusted)
PghPhxNfk / Wiki Commons / PghPhxNfk / Wiki Commons / PghPhxNfk /
3. New Mexico’s capital is Santa Fe.
- Salary: $74,567 (adjusted)
- Salary: $72,330 (unadjusted)
Pixabay.com is the source of this image.
2. Kokomo is a city in Indiana.
- Salary: $76,862 (adjusted)
- Salary: $65,640 (unadjusted)
Cameronloyd03 / Wikimedia Commons / Cameronloyd03 / Wikimedia Commons / Cameronloyd03 / Wikimedia
Alexandria, Virginia is number one.
- Salary: $83,809 (adjusted)
- Salary: $71,572 (unadjusted)
Related:
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AlbertPego / istockphoto contributed to this image.
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The “states where your money goes the furthest” is a list of US cities with their annual income. The list includes the average salary for each state, as well as how much your salary would go further in that state.
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