Listen Now: Six-Figure Salaries
The average annual household income in the U.S. is $59,000, but in many cities double that amount means barely scraping by.
Credit card comparison site MagnifyMoney looked at one hundred of the largest cities nationwide to see how far one hundred thousand dollars will get you. And the results are pretty depressing.
The company used local averages in each city to create a typical budget for a family with two earners and one child. It then looked at how much money the family would have left after all the bills were paid. Results found people bringing home anything in the low six figures in San Jose, Washington D.C., San Francisco, Bridgeport, Connecticut and Boston had little to no disposable income left.
In cities six through ten: Oxnard, Honolulu, Minneapolis, Hartford and New York, a two-earner family with one child could pay their bills and still have a little left over at the end of each month for entertainment and travel.
Now you just need to figure out whether you should ask for a raise or a moving van.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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