Purchase power can vary greatly depending on where you live.
or New study for banks examined data from the US Economic Analysis Bureau to see where the cost of living costs the bulk (and smaller) of a salary. In the report, ”the cost of living“Defined as the money needed to live in a given area to cover the basic things, including food items, shelter, utilities, transportation and health care. It also affects the specifics, from the rent of the apartment to the price of oil oil of cooking.
San Francisco topped the list of living costs by receiving more from the average salary of workers. There, purchasing power is reduced by more than 15%.
By The rate of salaryThe apartments in San Francisco are 182% more expensive than the national average, with the municipal and food services costing 48% and 23% more than the average.
A $ 100,000 worker in San Francisco has the same purchasing power as someone earning $ 79,000 in San Antonio as the cost of living is calculated for both cities, for banking.
All of this can affect the place where professionals choose to work and live.
“To determine if a compensation package is enough, it is important to evaluate it comprehensively,” said career coach Melissa Fleury for banking.
How does your salary accumulate against your city's living costs?
US cities where workers have the largest purchasing power
Of the 25 largest subway areas in the US, there are only four cities where typical workers have more purchasing powers when their salaries fit for the cost of living: San Antonio, St. Louis, Charlotte and Detroit.
Related: This is the salary of living you need in all 50 states
In San Antonio, the average worker earns $ 57,700, but actually has $ 61,580 in purchasing. In San Antonio, housing costs are below the national average by over 20%, according to Apartments.com. Living in the city also means that workers pay 5.1% less than the national average for food items, 17.4% less for municipal services and 6.3% less for transportation.
In St. By The rate of salaryHousing is 27% cheaper in St. Louis compared to the national average.
“Given that the same goods and services can often cost more or less in different parts of the country, it is not always true that someone with higher salaries earns more money,” said the Economic Analyst of Banking, Sarah Foster.
Related: Here's how much it costs to live in the 10 most expensive cities of America
US cities where workers have the smallest purchasing power
San Francisco topped the list of workers who lost about 15% of their purchasing power while Four cities had at least 10%on average: Los Angeles, Seattle, New York and Miami.
IN Los AngelesFor example, where housing costs are 137% above the national average and 33% more transport costs, the average annual salary of $ 73,400 looks like $ 63,550. In Phoenix, the average annual salary of $ 64,890 is more like $ 61,507 goods and purchasing power services. though of Phoenix Food costs are only 4% higher than the national average, the cost of housing in the area is 16% higher.
Washington DC, Denver and Phoenix saw at least 5% of lost salaries.
Related: The United States is in a housing crisis – here is a practical alternative to raising house prices
Here's what workers usually do in the largest metropolitan areas in the US and how much purchasing powers they have when adapting to the cost of living.
The smallest purchasing power:
1. San Francisco-Oakland-Fremont, Ca Metro area
Average annual wages, before adjusting the cost of living: 97,460 dollars
Wages after adjusting the cost of living: $ 82,453
Change: -15.4%
2. Los Angeles-Long Beach-Aheheim, some Metro area
Average annual wages, before adjusting the cost of living: $ 73,400
Wages after adjusting the cost of living: $ 63,550
Change: -13.4%
3. Seattle-Tacoma-Bellevue, Wa Metro Area
Average annual wages, before adjusting the cost of living: 86520 dollars
Wages after adjusting the cost of living: $ 76,566
Change: -11.5%
4. New York-Newark-Recresey City, NY-Kn Metro Area
Average annual wages, before adjusting the cost of living: $ 82,050
Wages after adjusting the cost of living: $ 72,933
Change: -11.1%
5. Miami-Fort Lauderdale-West Palm Beach, Metro area Fl
Average annual wages, before adjusting the cost of living: $ 63,380
Wages after adjusting the cost of living: 56691 dollars
Change: -10.6%
6. Boston-Cambridge-Newton, Metrota Ma-Nh area
Average annual wages, before adjusting the cost of living: 84,490 dollars
Wages after adjusting the cost of living: $ 75,708
Change: -10.4%
7. San Diego-Chula Vista-Carlsbad, Ca Metro area
Average annual wages, before adjusting the cost of living: $ 76,010
Wages after adjusting the cost of living: $ 68,170
Change: -10.3%
Greater purchasing power:
1. San Antonio-New Braunfels, Metro area TX
Average annual wages, before adjusting the cost of living: $ 5700
Wages after adjusting the cost of living: 61 580 dollars
Change: 6.7%
2. St. Louis, M-il Metro area
Average annual wages, before adjusting the cost of living: $ 61,910
Wages after adjusting the cost of living: $ 64,289
Change: 3.8%
3. Charlotte-CONCORD-GASTONIA, NC-SC Metro area
Average annual wages, before adjusting the cost of living: 64,440 dollars
Wages after adjusting the cost of living: $ 66,433
Change: 3.1%
4. Detroit-Warren-Dearborn, METORA area Mi
Average annual wages, before adjusting the cost of living: $ 64,360
Wages after adjusting the cost of living: $ 65673
Change: 2.0%
5. Houston-Pasadena-The Woodlands, Metro area TX
Average annual wages, before adjusting the cost of living: 63,510 dollars
Wages after adjusting the cost of living: $ 63,383
Change: -0.2%
6. Atlanta-Sandy Springs-Rrotwell, Metro area GA
Average annual wages, before adjusting the cost of living: $ 66,910
Wages after adjusting the cost of living: $ 66,313
Change: -0.9%
7. Orlando-KiseSimmee-Sanford, Metro area fl
Average annual wages, before adjusting the cost of living: $ 57,960
Wages after adjusting the cost of living: $ 57,329
Change: -1.1%
For the full bank report, click here.