In 3 CT Metro Areas, $100K Still Leaves A Family Of 3 Broke, Study Says

CONNECTICUT — In one out of every four metro areas in the United States, a salary of $100,000 isn't enough to cover basic expenses for a family of three. Three of those metro areas are in Connecticut, according to a new study from Lending Tree.

The study ranked the metro areas of Bridgeport at No. 15, New Haven at No. 21, and Hartford at No. 22.

"For generations of Americans, $100,000 has long been a magic number. It has been seen as a level of yearly earnings that says: 'You’ve made it. You’re successful,'" Lending Tree wrote. But the "sobering truth" that emerged from the company's analysis was that "in much of America, a six-figure salary still leaves you and your family broke, even before you put a cent toward paying down debt."

In Bridgeport, a family of three's expenses are $9,010 monthly, meaning that even those making $100,000 annually would have a net monthly income of -$677. For New Haven, monthly expenses for a family of three are $8,452, resulting in a -$119 net monthly income. For Hartford, monthly expenses for a family of three are $8,423, resulting in a -$90 net monthly income.

On the opposite end of the spectrum, McAllen, Texas, is the most affordable metro area in the country. The same family of three earning $100,000 would still have $1,770 left over each month.

The analysis examined eight areas of expenses for families, including housing, child care, health insurance, and taxes. It did not factor in debt payments, and Lending Tree noted that if they had done that, "the number of metros in which six-figure earners are still broke would be far larger."

Here are the top 10 most expensive metro areas, according to the study:

1. San Jose
2. San Francisco
3. Boston
4. Honolulu
5. Oxnard, California
6. Washington, D.C.
7. Los Angeles
8. San Diego
9. Seattle
10. Poughkeepsie, New York

Check out the full study at Lending Tree.