A six-figure salary might not be enough in Portland, report finds
PORTLAND, Ore. (KOIN) -- A $100,000 salary might seem massive, especially in a state with one of the lowest median salaries in the U.S., but according to a new report, it may not be enough to scrape by for a family of three in Portland.
A new report by LendingTree found that there are 25 large metros in the U.S. where a six-figure salary isn't enough to cut it for a family of three, meaning two adults and a child, and Portland made the list.
The report looked at families who take home $8,333 every month and then calculated spending on "the basics," including housing, child care, transportation, health insurance, food, entertainment and utilities, and then factored in federal and state taxes, federal payroll taxes and 401k contributions.
Based on those factors, LendingTree found that out of the 100 largest metro areas in the United States, 25 have a negative monthly income based on their calculations.
Portland found itself at number 19 on the list, with average monthly expenditures costing $8,789, $456 more than the monthly earnings of a family making six figures.
On average, the report said that Portlanders spend the most on housing, followed by child care and transportation.
Another Pacific Northwest metro area, Seattle, ranked even higher at number nine on the list, with average costs sitting around $9,376, over $1,000 more than families make monthly with a $100,000 salary.
The report found that the worst metro area in terms of monthly expenditures was San Jose, California, where they spend an average of $10,540 per month.
The most affordable city to live in was McAllen, Texas.