Purchasing power can vary greatly depending on where you live.
A new Bankrate study examined data from the U.S. Bureau of Economic Analysis to see where the cost of living takes the largest (and smallest) portions of a paycheck. In the report, “cost of living” is defined as the money required to live in a certain area to cover the basics, including groceries, housing, utilities, transportation, and healthcare. It also factors in specifics, from apartment rent to the price of cooking oil.
San Francisco topped the list with living costs taking the most bite out of the average worker’s wages. There, buying power is diminished by more than 15%.
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