A recent study by SmartAsset reveals that a $100,000 salary in New York City has drastically reduced purchasing power. In Manhattan, this income translates to only $30,362 in spending power due to high taxes and living costs, which are 130.6% above the national average. The situation isn't much better in surrounding areas like Brooklyn and Queens, where the figures rise to $43,461 and $46,708, respectively. This ongoing trend highlights the financial challenges faced even by those earning above six figures in one of the most expensive cities in the world.
"After accounting for federal taxes, particularly high local taxes, and a cost of living 130.6% higher than the national average, a $100K salary goes least far in [Manhattan]."
"For bigwigs in Brooklyn, bringing home the $100K bacon amounts to $43,461 this year, which comes as no shock as Red Hook and Carroll Gardens were recently named two of the most expensive nabes in New York."
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