MoneyWatch By Megan Cerullo Edited By Aimee Picchi Updated on: February 20, 2024 / 1:00 PM EST / CBS News The impact of inflation While six figures represents a respectable salary in most of the U.S., $100,000 won't get you very far in big cities like New York, where the cost of living is extremely high.The purchasing power — money's value in terms of how much it can buy you — of a $100,000 salary dwindles in places like Manhattan and San Francisco, relative to more affordable U.S. cities.Federal and local taxes, plus the elevated cost of everyday necessities including housing, groceries, utilities, transportation and more can quickly erode the purchasing power of a six figure income, a newstudy from SmartAsset, a financial technology company, shows. That means that in Manhattan, New York, the place where $100,000 is worth the least, those six figures have an effective value of $30,914, when adjusted for federal, state and local taxes, and cost of living premiums, the study shows. Rese...
