Salary Needed to Live Comfortably in 2024 (2024)

FAQs

What salary do you need to live comfortably in 2024? ›

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.

While California ranks third-most expensive for a single adult to live comfortably at $113,652, it only ranks fifth-most expensive for two working adults raising two children. The total family income should be at least $276,724 in the latter case.

If you make $75,000 a year, you're earning more than half of all workers in the U.S. And in fact, many people would probably consider the salary as good pay. After all, a $75,000 salary works out to around $6,250 per month, $1,442.31 per week, or $36.06 an hour.

To live comfortably on your own in these states, you'd need to earn nearly double what most single earners typically make, as the U.S median income for single, full-time workers is around $60,000, per Labor Bureau data.

As of May 15, 2024, the average hourly pay for a Middle Class in the United States is $23.08 an hour. While ZipRecruiter is seeing hourly wages as high as $27.64 and as low as $5.29, the majority of Middle Class wages currently range between $20.91 (25th percentile) to $25.72 (75th percentile) across the United States.

A $40,000 salary may be sufficient for an individual in a low-cost area, but it may not be enough for a family to live comfortably in most parts of the US. Rising inflation has made it more challenging to live on a $40,000 salary, but it still exceeds the poverty threshold for families.

An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...

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.

Out of all 99 cities SmartAsset examined, a family of four would need a median of $226,886 to live comfortably.

If you make $40 an hour, your yearly salary would be $83,200.

How much yearly is $30 an hour? ›

$30 an hour is how much a year? If you make $30 an hour, your yearly salary would be $62,400.

What is 500 a week annually? Earning $500 in weekly wages is the equivalent of earning $26,000 a year. This calculation is based on the person working 52 weeks a year; the math is 500 x 52, which equals $26,000.

Experts recommend renters spend no more than 25% to 30% of their monthly income on rent. So, for example, if you make $60,000 per year, your rent and renters insurance shouldn't go higher than $18,000—or $1,500 per month.

According to the 30% rule, a person earning $5,000 gross per month could reasonably afford to spend $1,500 per month on rent. However, it's important to remember that this is only a guideline.

Comfortable is defined as earning enough income to cover a 50/30/20 budget, where 50% of your income each month pays for necessities, 30% covers discretionary spending and 20% is set aside for savings and investments or paying down debt.

If you earn $50,000 a year in San Francisco or New York, you undoubtedly will need a roommate — or three — to make ends meet. But in many cities in the United States, $50,000 a year is plenty to live on.

If you're single and don't have a family to take care of, $3000 is enough to get you through the month comfortably. And, if you keep your expenses to a minimum, you can save a few hundred dollars from your paycheck.

According to the Bureau of Labor Statistics's most recent data (May 2022), the average salary nationwide is $61,900, which means that $70,000 is a common salary — but above the national average.