Here's why a $250K salary in Houston gives you more purchasing power than most U.S. cities
, a website devoted to consumer-focused financial information, the purchasing power of $250,000 in Houston ranked sixth out of most major American cities — and Texas cities dominated the list with seven spots all in the Top 10.defined purchasing power as,"the value of a currency expressed in terms of the number of goods or services that one unit of money can buy.
According to SmartAsset, only seven percent of households in the United States earn $250,000 per year. With Texas not having a state income tax and the relatively low cost of living in its major cities, Texas naturally leads the list with the most cities with the highest purchasing power of $250,000.
The website compared the after-tax income in 76 of the largest American cities and adjusted the figure for the cost of living in each place. In places like New York City and San Francisco, $250,000 is only worth around $83,000 after factoring in taxes and cost of living, the website's study found. Memphis led the ranking with a purchasing power of $203,664, and El Paso was not far behind with a purchasing power of $200,180.Memphis, Tenn. - $203,664
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