The High Cost of Living in America's Priciest Cities for High Earners

Honolulu is the most expensive city in the US, followed by New York and San Francisco, according to a ranking by SmartAsset. To have the purchasing power of $100,000, you would need an annual salary of around $310,000 in these cities. The ranking is heavily influenced by local taxes, with California, Hawaii, and New York having high income tax rates. In contrast, Tennessee and Texas have no income tax. Memphis is the cheapest city in the US, where an annual salary of $117,000 will leave you with $100,000 worth of purchasing power after tax. US census data shows people are leaving counties in states with high tax and moving to those with less.