Sunday, March 24, 2024

Where a $250K income goes furthest. Memphis is # 2; Nashville #10.

by Rod Williams, March 16, 2024- Money goes a lot further for a person earning $250,000 a year in Memphis and Nashville than in a whole lot of other cities. This is from Stacker. It is shocking how little is left of a $250,000 income in some cities, not that I have ever had to personally be concerned about that.  

"Manhattan residents lose 72% of their income to taxes and cost of living. At the $250K income level, Manhattanites face a 36.8% tax rate. Adjusting for a cost of living that's 125% higher than average, the income yields an estimated $70,133 of purchasing power." Other cities where taxes and a higher cost of living gobble up most of one's money are San Francisco, Los Angeles, Washington D. C., and Boston.

Of Nashville, the article says, "Nashville, with a cost of living that is 4.1% below average and a tax rate of 27.4%, offers an adjusted purchasing power of $189,203 for a $250,000 income. This allows high earners to retain 75.7% of their original income."

No wonder a lot of people with money are flocking to Nashville. 


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