Earn

The cities where you can earn $100,000 and still feel broke

People dance in Boston Harbor.
Twenty/20

A six-figure joint income isn't enough for a family of three to live comfortably in some parts of the U.S.

That's according to a new analysis from credit card comparison site MagnifyMoney, which used data from the U.S. Department of Housing and Urban Development's Location Affordability Index and the 2012-2016 American Community Survey to calculate basic living expenses for a household earning $100,000 per year in the 100 largest metro areas in the U.S.

The analysis found that there are many cities in the U.S. where families of three — dual income parents and one child in day care — earning six figures would struggle to have any disposable income left at the end of the month, after necessities such as housing, transportation, retirement savings, childcare, student loan bills, etc., were accounted for. Magnify Money assumed the couple is saving $500 a month into a 401(k) account and paying $393 a month in student loan debt (the median payment according to the Federal Reserve). All the other expenses varied based on location. 

In seven of the 10 cities listed, MagnifyMoney calculated that the average professional couple spends more than $100,000 a year on basic living expenses leaving them with no disposable income. As a result, they may have to rely on credit cards to afford everyday life.

Here are the 10 cities where families earning $100,000 per year would have the least disposable income.

10. Minneapolis, Minnesota

  • Monthly post-tax income: $7,308
  • Monthly average housing costs: $1,953
  • Monthly disposable income: $149

9. Worcester, Massachusetts

  • Monthly post-tax income: $7,149
  • Monthly average housing costs: $1,779
  • Monthly disposable income: $114

8. New York, New York

  • Monthly post-tax income: $7,545
  • Monthly average housing costs: $2,109
  • Monthly disposable income: $65

7. Oxnard, California

  • Monthly post-tax income: $7,517
  • Monthly average housing costs: $2,124
  • Monthly disposable income: -$195

6. Honolulu, Hawaii

  • Monthly post-tax income: $7,032
  • Monthly average housing costs: $2,057
  • Monthly disposable income: -$206

5. Bridgeport, Connecticut

  • Monthly post-tax income: $8,908
  • Monthly average housing costs: $2,423
  • Monthly disposable income: -$487

4. Boston, Massachusetts

  • Monthly post-tax income: $8,320
  • Monthly average housing costs: $2,179
  • Monthly disposable income: -$510

3. San Francisco, California

  • Monthly post-tax income: $8,707
  • Monthly average housing costs: $2,392
  • Monthly disposable income: -$631

2. Washington, D.C.

  • Monthly post-tax income: $8,785
  • Monthly average housing costs: $2,677
  • Monthly disposable income: -$700

1. San Jose, California

  • Monthly post-tax income: $9,061
  • Monthly average housing costs: $2,760
  • Monthly disposable income: -$1,046

At the same time, MagnifyMoney found that seven of the 10 cities where six-figure-income-earning families would have the most disposable income each month are concentrated in Texas, Florida and Tennessee.

Don't miss: This map shows how much a single parent needs to earn to get by in every US state

Like this story? Subscribe to CNBC Make It on YouTube!

VIDEO1:0401:04
The income you need to afford a home in the biggest US cities
People dance in Boston Harbor.
Twenty/20
make it

Stay in the loop

Sign Up

About Us

Learn More

Follow Us

CNBC.COM