7% of Americans earn at least $250,000, but their purchasing power depends on where they are

6/27/2023

Per CNBC

It was noted that only 7% of Americans earned an annual $250,000, according to SmartAsset. However, their purchasing power depends on where they are located.

An example given was New York City compared to Memphis, where in NYC, a $250,000 salary would only be worth $83,000, while for the latter, their purchasing power would be $203,664.

Despite earning $250,000, the earner's purchasing power could be as small as $82,421 for cities like New York. Following this was Honolulu, where their spending power was worth just $200 more at $82,672.

The last city where a $250,000 salary had a purchasing power of less than $100,000 was San Francisco, which had $100 more compared to Honolulu at $82,776.

Other cities like Los Angeles had a purchasing power of $250,000-earners of just $101,635.

In May, the Bureau of Labor Statistics said that people needed to earn around $129,000 today for them to get the same purchasing power as $100,000 a decade ago.

It was noted that the purchasing power of an employee in New York earning $312,000 was the same with an employee in Houston only earning $125,000.

See flow at unusualwhales.com/flow.

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