24 Cities Where Earning $100,000 Is Not Considered Rich
Not too long ago, it was possible to live in relative luxury if you earned six figures annually. However, as more affluent cities produce higher salaries and basic cost of living expenses continue to increase, this is no longer the case across many U.S. cities.
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GOBankingRates conducted a study to identify cities where $100,000 won’t cover the average cost for a home and basic necessities. Using Sperlings BestPlaces to source the overall cost of living indexes and the Bureau of Labor Statistics 2022 Consumer Expenditure Survey to find the average overall cost of expenditures in each city, the study found 24 cities where even six-figure earners need to find ways to make ends meet.
In these 24 cities, you’ll break the bank even if you’re making bank.
San Francisco
Metro area: San Francisco-Oakland-Hayward
Average home value: $1,334,145
Annual cost expenditure: $179,134
Amount left over from $100,000: -$79,134
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San Jose, California
Metro area: San Francisco-Sunnyvale-Santa Clara
Average home value: $1,411,757
Annual cost expenditure: $168,554
Amount left over from $100,000: -$68,554
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Oakland, California
Metro area: San Francisco-Oakland-Berkeley
Average home value: $839,381
Annual cost expenditure: $142,650
Amount left over from $100,000: -$42,650
Fremont, California
Metro area: San Francisco-Oakland-Berkeley
Average home value: $1,498,632
Annual cost expenditure: $142,650
Amount left over from $100,000: -$42,650
New York
Metro area: New York-Newark-Jersey City
Average home value: $760,964
Annual cost expenditure: $125,868
Amount left over from $100,000: -$25,868
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Honolulu
Metro area: Urban Honolulu
Average home value: $1,257,145
Annual cost expenditure: $125,138
Amount left over from $100,000: -$25,138
Anaheim, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $875,310
Annual cost expenditure: $120,323
Amount left over from $100,000: -$20,323
Santa Ana, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $797,161
Annual cost expenditure: $120,323
Amount left over from $100,000: -$20,323
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![Davel5957 / Getty Images/iStockphoto](https://s.yimg.com/ny/api/res/1.2/817mBpbUQ_Zfbo4ZO1hDFg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--/https://cdn.gobankingrates.com/wp-content/uploads/2018/07/Irvine-California-business-district-iStock-687415410.jpg?w=675&quality=75)
Irvine, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $1,568,825
Annual cost expenditure: $120,323
Amount left over from $100,000: -$20,323
![Lee Walters / iStock.com](https://s.yimg.com/ny/api/res/1.2/lNwsi9N54yn5IXhO.Y0uQg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--/https://cdn.gobankingrates.com/wp-content/uploads/2018/04/Huntington-Beach-California-iStock-499980260.jpg?w=675&quality=75)
Huntington Beach, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $1,287,514
Annual cost expenditure: $120,323
Amount left over from $100,000: -$20,323
Arlington, Virginia
Metro area: Washington-Arlington-Alexandria
Average home value: $943,569
Annual cost expenditure: $119,885
Amount left over from $100,000: -$19,885
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Los Angeles
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $984,007
Overall annual expenditures: $117,988
Amount left over from $100,000: -$17,988
Long Beach, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $862,414
Overall annual expenditures: $117,988
Amount left over from $100,000: -$17,988
Santa Clarita, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $817,318
Overall annual expenditures: $117,988
Amount left over from $100,000: -$17,988
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Glendale, California
Metro area: Los Angeles-Long Beach-Anaheim
Average home value: $1,272,562
Overall annual expenditures: $117,988
Amount left over from $100,000: -$17,988
Seattle
Metro area: Seattle-Tacoma-Bellevue
Average home value: $891,570
Overall annual expenditures: $115,361
Amount left over from $100,000: -$15,361
Yonkers, New York
Metro area: New York-Newark-Jersey City
Average home value: $652,703
Overall annual expenditures: $114,558
Amount left over from $100,000: -$14,558
San Diego
Metro area: San Diego-Chula Vista-Carlsbad
Average home value: $1,075,228
Overall annual expenditures: $113,026
Amount left over from $100,000: -$13,026
Chula Vista, California
Metro area: San Diego-Chula Vista-Carlsbad
Average home value: $855,119
Overall annual expenditures: $113,026
Amount left over from $100,000: -$13,026
Oxnard, California
Metro area: Los Angeles-Long Beach-AnaheimOxnard-Thousand Oaks-Ventura
Average home value: $724,278
Overall annual expenditures: $112,369
Amount left over from $100,000: -$12,369
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Washington DC
Metro area: Washington-Arlington-Alexandria
Average home value: $706,416
Overall annual expenditures: $110,837
Amount left over from $100,000: -$10,837
Santa Rosa, California
Metro area: Santa Rosa-Petaluma
Average home value: $725,845
Overall annual expenditures: $110,764
Amount left over from $100,000: -$10,764
Boston
Metro area: Boston-Cambridge-Newton
Average home value: $745,611
Overall annual expenditures: $110,034.
Amount left over from $100,000: -$10,034
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Jersey City, New Jersey
Metro area: New York-Newark-Jersey City
Average home value: $586,681
Overall annual expenditures: $101,789
Amount left over from $100,000: -$1,789
Cynthia Measom contributed to the reporting for this article.
Methodology: In this study, GOBankingRates started by gathering the [1] top 150 most populated cities as sourced from the total population in the US Census American Community Survey. For each city the [2] overall cost of living indexes were sourced from Sperlings BestPlaces and multiplied by the [3] overall average national expenditure cost for all consumers as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey to find the average overall cost of expenditures for each city. The cities with expenditures costing over $100,000 were kept for this study. The average total expenditure cost was subtracted from the $100,000 savings to find how much more the expenditures cost and sorted to show the cities the farthest away from the savings amount. The [4] livability index was included as supplemental information as sourced from AreaVibes. The [5] average single-family home value from December 2023, the [6] metro area, and the [7] county name were also included for supplemental information as sourced from the Zillow Home Value Index. All data was collected and is up to date as of February 7th, 2024
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This article originally appeared on GOBankingRates.com: 24 Cities Where Earning $100,000 Is Not Considered Rich