Is $100,000 A Lot Of Money In Buffalo?
For years we've heard about how Buffalo's relatively low cost of living makes this a great place to live when compared to other places in the country.
Lot of people consider that making at least $100 grand a year puts you in a pretty good financial spot in Western New York. However, over the last few years we've seen home and rent prices soaring, along with the costs of other consumer goods thanks to the rampant inflation that has hit the country lately.
Because of this, how much is $100,000 actually worth in the 716 and how does Buffalo compare to other regions in New York and America?
What's The Average Income In Buffalo?
Before we can really understand if $100,000 is a lot of money in the 716, we first need to take a look at average incomes in Buffalo and Western New York.
Those figures improve significantly when you take a look at all of Erie County, New York, with a median family income of $62,578 per year.
So if the average Buffalo family is earning these median incomes, that would mean an income of $100,000 per year would seem pretty good.
Is $100,000 Really Worth $100,000?
While a 100 grand a year sounds like a lot on its face, PYMNTS and LendingClub did a recent survey and found that more than 50% of people with a 6 figure income was living check-to-check.
The financial website SmartAsset did a nationwide survey of after tax incomes in the 76 largest cities in America and compared that information to Cost Of Living Data and found out that the best places to earn a 6-figure income are in the South and Midwest.
Memphis, TN, ranked in 1st with a $100,000 annual salary being worth just under $87,000 once you account for taxes and cost of living. Nearly the rest of the top ten cities for higher income are in Texas. Both state of Texas and Tennessee do not tax earned income so that helps your money go a lot farther than in places like Washington DC, San Francisco, and Los Angeles.
How Much Is $100,000 Really Worth In Buffalo?
Buffalo fairs much better on this ranking that NYC, coming in 31st place.
$100,000 in the 716 is worth approximately $72,000 per year thanks, in part, to the higher chunk of cash that New York State helps itself to thanks to our state income tax.
In all, I think we don't have that much to complain about.
Look at the bright side, we could be New York City, where $100,000 annual salary is really worth approx. $35,000 per year.
I guess this is another reason Buffalo is in fact New York's best city.