A new study by personal finance website GOBankingRates.com reveals that six-figure salaries in Dallas are much higher than in other cities in North Texas. But not as much as you might think.
According to the study, a Dallas-based six-figure earner would earn an annual net salary of $78,089 after taxes.
But when you add up your major expenses like rent, groceries, medical bills, utilities, transportation, and miscellaneous expenses, you end up with $45,196 a year, leaving you with just under $33,000. Dallas' ongoing inflation problems certainly aren't helping either.
Here's a breakdown of Dallas spending according to GOBankingRates:
- Annual rent: $20,749
- Annual groceries: $5,652
- Annual healthcare: $5,739
- Annual utility bill: $4,549
- Annual transportation fee: $7,496
- Annual miscellaneous expenses: $1,011
Elsewhere in North Texas
Dallas is the top North Texas city for people making six-figure incomes, but Arlington and Fort Worth also earned spots in the report, ranking 18th and 19th, respectively.
annual expenditure arlington The total comes to $46,068, leaving those with six-figure incomes with $32,021, the study found.
According to our research, average spending in Arlington is:
- Annual rent: $20,749
- Annual groceries: $5,652
- Annual healthcare: $5,739
- Annual utility bill: $4,549
- Annual transportation fee: $7,496
- Annual miscellaneous expenses: $1,011
The remaining income is fort worth A resident earning a $100,000 salary will earn $31,980 after taxes and annual expenses. Average spending in the city amounts to $46,109 per year.
Average spending in Fort Worth calculated by GoBankingRates:
- Annual rent: $21,538
- Annual Groceries: $5,572
- Annual health care: $5,809
- Annual utility bill: $4,572
- Annual transportation fee: $7,594
- Annual miscellaneous expenses: $1,024
Texas cities ranked in top 10
Three Texas cities rank in the top 10 for highest six-figure salaries. El Paso (2nd), San Antonio (3rd) and Houston (7th).
After taxes and annual expenses, a six-figure earner in El Paso has $37,685 on hand, nearly $4,800 more than a Dallas resident would earn for the same salary.
In San Antonio, residents with an annual income of $100,008 spend an average of about $41,008 a year, leaving $37,081 in their pocket after paying all their bills.
Houston residents will be left with $34,983.54 after all expenses, for a total of $43,105.46.
For the second year in a row, the U.S. city with the highest salary of $100,000 is Memphis, Tennessee. According to the study, a Memphis resident will be left with nearly $40,000 after taxes and annual expenses are taken from a $100,000 paycheck. Like Texas, Tennessee does not impose income taxes on its residents.
Here are the top 10 US cities that pay the most $100,000 salaries:
- 1st Place – Memphis, Tennessee
- 2nd Place – El Paso, Texas
- 3rd Place – San Antonio, Texas
- 4th Place – Tulsa, Oklahoma
- 5th Place – Oklahoma City, Oklahoma
- 6th place – Wichita, Kansas
- 7th place – Houston
- 8th place – Tucson, Arizona
- 9th place – Jacksonville, Florida
- 10th Place – Indianapolis, Indiana
Most expensive city in the US
The study, which analyzed the top 10 most expensive cities for six-figure earners, ranked New York City as the city whose residents will be in the red by the end of the year. Close behind is San Francisco, California (No. 2). San Jose, California (3rd place). San Diego, California (No. 4); Boston, Massachusetts (No. 5); Oakland, California (6th place); Los Angeles, California (7th place). Washington, DC (8th place). Miami, Florida (9th place); and Long Beach, Calif. (No. 10).
The report analyzed average expenses in America's 50 most populous cities and subtracted those expenses from the after-tax annual net salary for a $100,000 salary in each city. The ranking was determined based on the amount of annual income remaining in hand. Data was drawn from the U.S. Census' American Community Survey, the Bureau of Labor Statistics' Consumer Expenditure Survey, the Zillow Observed Rental Index, and more.
