Well, according to a new study, your dollar doesn't stretch very far in the city of Angels – and the financial stability of a six-figure salary isn't quite what it used to be.
, a $100,000 salary in Los Angeles leaves workers with what "feels like" just $44,623, ranking it among the lowest of nearly 80 cities analyzed by the financial advisory company.
The financial technology company compared the after-tax income in some of the largest cities across the U.S. and then adjusted those figures for the cost of living in each place. When analyzing LA, the study said that the annual take-home pay from $100,000 after taxes is $68,050, but the cost of living is 52.5% higher than the national average.
"To calculate the city’s adjusted annual take-home pay, we divided the city’s average after-tax income by 1.525. In terms of purchasing power, the average take-home pay for someone living in Los Angeles is worth $44,623 after adjusting for the cost of living," the study wrote.
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