Which I take to mean no, but you pay less in rent or mortgage.
Or you make $120k, but take home $95k. Then it's about the same.
Now factor in cost of living. The $$ in your pocket is higher. If you more concerned with the nominal/gross dollar amount as opposed to net income, I feel you are looking at the wrong metric.
FWIW it looks like $120K in Austin is indeed almost exactly the same take-home as $140K in NYC. Austin you would make about 20 more dollars per week.