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Money Monday: How to make smart money moves
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ORLANDO, Fla. - A six-figure salary may seem substantial, but it might not stretch as far as expected when factoring in income taxes and basic living expenses in some of the nation's largest cities, according to a recent study.
GOBankingRates – a financial website that strives to educate the public on personal finance – recently shared its findings on just how far a $100,000 salary goes in not only Florida's largest cities, but also the country's, and the numbers may surprise you.
To come up with the list, financial officials studied the 50 most populated cities in the United States, GOBankingRates sourced data on basic expenses, population, rental costs and more.
Here are GOBankingRates' findings for Florida cities:
Miami, Florida
- Net annual pay after income taxes: $78,089
- Annual rent: $37,248
- Annual groceries: $6,119
- Annual healthcare: $6,084
- Annual utilities: $4,344
- Annual transportation costs: $6,968
- Annual miscellaneous costs: $1,200
- Total expenses: $61,963
- Income leftover after expenses: $16,126
Tampa, Florida
- Net annual pay after income taxes: $78,089
- Annual rent: $26,629
- Annual groceries: $5,994
- Annual healthcare: $5,868
- Annual utilities: $4,381
- Annual transportation costs: $7,281
- Annual miscellaneous costs: $1,051
- Total expenses: $51,204
- Income leftover after expenses: $26,885
Jacksonville, Florida
- Net annual pay after income taxes: $78,089
- Annual rent: $19,962
- Annual groceries: $5,657
- Annual healthcare: $5,862
- Annual utilities: $4,676
- Annual transportation costs: $7,204
- Annual miscellaneous costs: $966
- Total expenses: $44,327
- Income leftover after expenses: $33,762
Nationwide, the study found the 10 least expensive cities are Memphis, Tennessee at No. 1, followed by El Paso, Texas; San Antonio; Tulsa, Oklahoma; Oklahoma City; Wichita, Kansas; Houston; Tucson, Arizona; Jacksonville, Florida and Indianapolis.