Bang for the buck
How far does a paycheck stretch in Fort Worth?
Paychecks for workers in the Fort Worth-Dallas area go further than they do for workers in almost every other large metro region in the United States.
New data from job website Indeed.com, based in Austin, shows DFW ranks third among the 15 largest U.S. metros for the ability of workers to squeeze the most money out of their paychecks. Houston comes in at No. 10.
According to Indeed.com’s calculations, the average salary in DFW and the average salary adjusted for cost of living are exactly the same: $77,627. In the Houston area, there’s a small difference: The average salary is $76,368, and the average salary adjusted for costing of living is $75,687.
“Salary is a top priority for job seekers. But the same salary will go a lot further in an affordable city than in a pricey one,” says Jed Kolko, chief economist at Indeed.com and head of the site’s Hiring Lab. “Job seekers face a dilemma: big salaries and high prices often go hand-in-hand. It turns out that the places where average salaries go furthest aren’t the places where you’ll see the most on your paystub.”
In the Indeed.com ranking, Detroit offers the highest salary after adjusting for cost of living, with Atlanta in the No. 2 spot. Right behind DFW, at No. 4, is San Francisco.
Bringing up the rear is the Miami area, where the average salary adjusted for cost of living is 15 percent below what it is in first-place Detroit.
“Should job-seekers write off metros where salaries don’t keep up with the cost of living? Not necessarily,” Kolko says. “A low average adjusted salary might signal that a city is special for reasons other than money. Plus, places that look like a worse deal today might offer greater job security in the future.”