Single? This Is How Much You Have To Earn To Live Comfortably (2024)

FAQs

Single? This Is How Much You Have To Earn To Live Comfortably? ›

An individual needs $96,500, on average, to live comfortably in a major U.S. city. That figure is even higher for families, who need to earn an average combined income of about $235,000 to support two adults and two children.

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.

To live "comfortably" as a single person in 99 of the largest U.S. metro areas, you'll need a median income of $93,933, according to a recent SmartAsset analysis.

In many cases, that salary can offer a comfortable lifestyle and plenty of opportunities to save. But if you live in an expensive area or have a lot of debt, you may find that living on $75,000 a year requires more careful planning and budgeting.

A single adult living in New York City would need to make $138,570 a year in order to live comfortably, according to the study. That equates to an hourly wage of $66.62. To cover the cost of just necessities as a single person in New York City, you would need to make an estimated $70,000, according to SmartAsset.

But just how much does a single person in California need to make to live comfortably? A new study from Smart Asset determined that a person must make at least $ 89,190 to get by comfortably.

Is $80K a good salary for a single person? $80,000 is about $5,000 higher than the U.S. median household income, so many people would consider it very good for a single person. “Good” is always a relative term when it comes to salary; whether or not the amount you earn covers your expenses is a highly personal dynamic.

Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

While ZipRecruiter is seeing annual salaries as high as $75,000 and as low as $27,500, the majority of 26 Dollars An Hour salaries currently range between $40,000 (25th percentile) to $60,500 (75th percentile) with top earners (90th percentile) making $70,000 annually across the United States.

How much money do I need to live alone? ›

The average monthly expenses for a single person will depend quite a bit on where you live, and if you're living alone for the first time, you might be surprised that most things cost more, not just your rent. The national average expenses for a single person living alone are around $3,500 per month.

The average annual average salary in the U.S. is $63,795. The median annual salary, which is often less skewed by outlying numbers, is $59,384. It's worth noting that average and median salaries vary quite a bit by state.

The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people.

A $50,000 income in New York City is about $3,281 per month after taxes. With some planning, you can live quite comfortably in NYC on that income, and many people do. If you're ready to relocate, call the experts at All Around Moving Moving, and we'll take care of all of your moving needs.

The research revealed that it takes the most money to live comfortably as a single person in New York City, requiring $66.62 in hourly wages, or an annual salary of $138,570.

Only 18% of individual Americans make more than $100,000 a year, according to 2023 data from careers website Zippia. About 34% of U.S. households earn more than $100,000 a year, according to Zippia.

A salary of $90,000 is substantially higher than the national median household income, so yes, it's a good salary for a single person. Exactly how good depends on where you live, as the cost of living varies significantly across the U.S.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.