While six figures represents a respectable salary in most of the U.S., $100,000 won't get you very far in big cities like New York, where the cost of living is extremely high. 

The purchasing power — money's value in terms of how much it can buy you — of a $100,000 salary dwindles in places like Manhattan and San Francisco, relative to more affordable U.S. cities. 

Federal and local taxes, plus the elevated cost of everyday necessities including housing, groceries, utilities, transportation and more can quickly erode the purchasing power of a six figure income, a new study from SmartAsset, a financial technology company, shows. 

That means that in Manhattan, New York, the place where $100,000 is worth the least, those six figures have an effective value of $30,914, when adjusted for federal, state and local taxes, and cost of living premiums, the study shows. Researchers relied on cost of living data from the Council for Community and Economic Research.

Other New York City boroughs are slightly more affordable than Manhattan, but are still among the locales where $100,000 gets you the least. In Brooklyn, $100,000 equals $43,376 in purchasing power and in Queens, its effective value is $49,978.

The minimum six figure salary takes you the furthest in El Paso, Texas, where it equates to $88,840 of purchasing power, according to SmartAsset. There are no state or local income taxes, and a 12% discount on cost of living relative to the average across the U.S. mean it goes a long way. 

In San Francisco, Los Angeles, San Diego, and Oakland, all in California, a $100,000 salary is effectively halved, in terms of what it can afford.

Here are the top 10 cities where $100,000 goes the furthest, and where a six-figure salary is worth the least.

Top 10 where $100,000 is worth the most 

  1. El Paso, Texas: $88,840
  2. Oklahoma City, Oklahoma: $87,585
  3. Memphis, Tennessee: $86,960
  4. Corpus Christi, Texas: $86,383
  5. San Antonio, Texas: $85,625
  6. Lubbock, Texas: $85,065
  7. Tulsa, Oklahoma: $84,507
  8. Jacksonville, Florida: $83,878
  9. Houston, Texas: $82,986
  10. St. Louis, Missouri: $82, 614

Top 10 cities where $100,000 is worth the least

  1. Manhattan, New York: $30,914
  2. Honolulu, Hawaii: $39,148
  3. San Francisco, California: $40,997
  4. Brooklyn, New York: $43,376
  5. Los Angeles, California: $47,762
  6. Washington, D.C.: $48,734
  7. Queens, New York: $49,978
  8. San Diego, California: $50,082
  9. Boston, Massachusetts: $50,109
  10. Oakland, California: $51,237
Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.

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