Living in New York usually means that you will be paying a high cost of living, though the amount depends on whether you end up in a small upstate village or deep in the heart of The Big Apple. For a lot of people, earning six figures would be enough to sustain them and pay their bills, but in New York, it doesn’t go nearly as far, especially when tax time rolls around.
“A salary of $100k just isn’t what it used to be, especially if you live in a high-tax state like New York,” said Bill Harris, CEO and founder of Evergreen Wealth. “Once you run the numbers, you’re looking at taking home just around 70% of your gross income or that’s before you factor in rent, groceries and transportation.”
