Now that we have answered the question is $60,000 a good salary, lets take a look at what this income can afford. Public transportation and cabs are cheap, especially when compared to major US metro areas. But once you get closer to the Delta, things change, and not in a good way. The average living wage is 245% of the minimum wage in America. You can afford a $177,000 house if youre: Your mortgage payment should not exceed 28% of your gross monthly income. The median annual income in the US is $41,000. I would recommend investing at any and every stage of your life. If youre applying to a job or considering a job offer that pays $60,000, you may be wondering whether thats a good salary. If you make $60,000 a year living in the region of California, USA, you will be taxed $13,653. Most people, me included, recommend spending no more than one-third of your income on housing. As you can see from the example above, $60,000 a year can be a livable wage or it could be barely enough to cover basic expenses. Note: Cost of living information was imported from Numbeo and after-tax pay was calculated with the SmartAsset calculator. Or maybe someone in the family has special diet needs. Hey you! Easy home jobs online that you need to know to earn extra money. When youre growing up, $60k a year can seem like a ton of money. Utilities and food cost more. The poverty in this part of the country is one of the worst in the U.S. Public education is lacking, and its a situation most people would rather leave than embrace. To cover the average expenses, a good salary is going to be $78,700 per year. That means that you are working 2000 hours a year. Comfortable living means different things to different people, but generally, it means making enough to cover your expenses and save enough money for the life you want. The lifestyle you can afford with a 60k salary depends on where you live. If you want to have lively nightlife, that helps narrow down your search as well. Contents1 What is a livable wage in Colorado?2 How much does a single person need to make [] Federal Tax: $60k Salary Example | US Tax Calculator 2023 Remember, your demography, lifestyle, future goals, tax bracket, and the current cost of living in your state are the factor that will determine whether $60,000 is a good salary or otherwise. clever ways to make $10,000 per month online. If youre lucky enough to work from home or have a digital nomad-friendly job, search out parts of the world where your family can live an amazing life for less. The minimum wage is only $7.25 an hour in Mississippi, which is less than half of California. In his professional career hes written over 100 research papers, articles and blog posts. Generally, $60,000 is a good salary. Any time you add in extra variables, the data changes. According to their own estimates, this tax only covers ~10% of the $3.5 trillion spending bill. This is a good wage for many jobs, but it may vary depending on your position and experience. With discipline and proper financial planning, you can get by comfortably. The estimated cost of livingfor a single person in the US is $2,836 a month. You are earning 86% of theaverage annual salary. There are other factors of course, but overall, these are some of the most prominent. ($60,000 - $13,000) / 52 = $903.84. Jobs Where You Can Make $60,000 Per Year There are many jobs that pay $60k to $80k a year. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Is $60K a good salary for a single person? Yes, $60,000 a year is good for a family of 3. Having a good education is usually helpful but not always necessary, and certain jobs are more likely to come with six figure salaries. So for San Francisco, even as a single person with no kids, living on $60k a year is going to be a struggle. If your dollars arent working for you, they are working for someone else. "Is $60,000 a Good Salary?" Continue with Recommended Cookies. $60k a year is a ballers salary in India. Is 60K A Good Salary In 2022 (What You Need to Know!) - FINANCIAL CREATIVES Based on the research done above, $60k a year is above the national average in the United States. If you are asking what a great salary is, that is a completely different answer. In 2020, the median household income in the United States was $67,521 which means that there are more households making above $60,000 than below it. The areas with the highest average annual salary are Massachusetts and Washington D.C. Maryland, New Jersey, and Massachusetts are the highest median household income states. Fill out the form above for your FREE consultation. Write down a list and work backward from there. In others, its crazy cheap. Is $60,000 a good salary in todays day and age? The cost of living can vary greatly between different areas, because of fluctuations in housing prices and availability, insurance pricing, healthcare costs, food pricing and availability and more. You will be amazed at how many options are out there to invest in. 15.5 million digital nomads from the U.S. how to live cheap and instantly slash expenses, Realistic advice on setting up life on the road (no hype). Here's the Living Wage Needed in All 50 States (Study 2019 To be abundantly clear, $51,000 a year may not be enough to cover everything you want, but it should meet the most common family needs and make ends meet. In the United States, the average annual personal salary is $63,214, meaning that a $60,000 salary is perfectly normal and healthy. New York and Hawaiis tax burdens are double that of Wyomings, at rates of 12.79% and 12.19%. 7 Best Dash Cams For Delivery Drivers (2022), 7 Best Times to Do Uber Eats (2022 Guide), 7 Best Apps Like Airbnb to Make Money (Alternatives in 2022). If you have student loans or other debts, your monthly payments will reduce the amount of money you have for other expenses. Your $60,000 annual income can only be good enough if you live in a state where the cost of living isnt insanely high. What is a Good Salary for a Single Person? (2023 Update) - LogicalDollar The poverty rate reflects a person's gross annual income. If youre married with no children, but youre supporting both you and your partner, youll probably be able to manage with a $60,000 salary. This comes out to be $35,480 per year. There are many side-hustles you can try to earn a passive income along with your full-time $60k salaried job. If you mean Melbourne USA then yes you should be able. I think youll be surprised at the stark differences in lifestyle. For example, if you would like to buy an SUV in six months or less, but you live in an expensive state such as Washington, youre highly likely to hit rock bottom fast. West Virginia's median annual salary of $48,037 is one of just a few that earn less than $50,000 in the survey. But education and future earnings will most likely. Even if youre a single person, rent may be a challenge to pay given the current average monthly rate. You are earning 37.3% more than the average annual salary. $38 an hour annually is equivalent to an annual salary of $79,040, assuming a 40-hour work week. We have converted it to an hourly wage for the sake of comparison. By signing up, you'll also be added to my legendary travel lifestyle email list. Before you settle for an office job, consider the perks of a stay at home job. Making that kind of salary will make it nearly impossible for you to survive in the states most expensive cities. The median salary in the US is $1,041 per week. To be clear, several factors determine whether $60,000 can be enough for you to live on. Economists will tell you that human desire is unlimited, yet the resources needed to meet it are limited. The median annual expenses for a family is $90,100. You can also determine whether or not your $60,000 salary is healthy based on your age, as the average income in the U.S. changes significantly based on that. if you are making $60,000 a year you are making 20% over the average salary in the US. In comparison, the median annual salary in the US is $70,784 or $1,361.23 per week. In general, you can live comfortably on this salary, but you may have to be careful with your spending. So living in such cities would be a dream come true for most, if not all, people. Your family of four should be okay provided you have a proper budget plan. With a 22% income tax bracket, this income will cover the average expenses of $90,100. Lets look at how much youll bring home if you make $60,000 a year. The minimum wage in California is $14-15 an hour, which is roughly $30k a year. It will buy you at least a middle-class lifestyle meaning you can afford basic living expenses plus a few luxuries in all but the most expensive cities around the globe. But in others, youd barely scrape by. Here are the best places: In the end, it depends on what matters most to you. Can You Make Good Money Fast As A Groceries Delivery Driver? You can invest while making any salary. It also assumes that you are a single adult. link to How to Make a Fortune Selling Your Photos Online. If you have a kid or two or a spouse that does not work, youre responsible for providing. Or, do you have a family looking up to you on a monthly basis? This is because the cost of living is typically higher when you have more people to support. Here are some tips on how to budget $60,000 a year: For the best ways to save $60,000 a year, check out my article on the best free printable budget templatesto get your finances under control. There is an assortment of loan products currently available to people looking to buy a house. The current hourly rage in the U.S. is $7.25, so someone getting $30 an hour, without working an overtime, makes more money than most Americans do. Unfortunately, LA and DC are some of the most expensive places in the United States of America. With that in mind, a $60,000 salary is a great start for most college grads. On the other hand, certain states have very high taxes. In California, $60,000 a year is $33,900 for a single person after taxes. You also may need a car with AWD and switch from winter to summer tires every year. Rice, beans, and spaghetti are all cheap. However, after taxes, $60000 would be reduced to $21.54 - $23.56 per hour and $44,800 - $49,000 per year depending on the state you live in. Is $97,000 a Good Salary for a Single Person? With a library of comprehensive articles covering anything from starting an Airbnb to driving for Uber, our mission is to be the ultimate resource for increasing your income in the gig economy. Its important to always compare apples to apples. CONTACT: Calle 6 #39-25 Office 402 Cali, Valle del Cauca, Colombia +1 616-210-3320 (U.S.) Contact Me | Terms of Service | Privacy Policy | Affiliate Disclosure | Hire me ProjectUntethered.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. A comfortable salary fora family is $116,000 before taxes. Here are two extremes California and Mississippi. The state you live in if youre an American. Which is $8,260 less per year than the average salary in the US. A $60K salary may be more than enough for a recent college graduate living with their parents on the family farm, but a large family in a buzzing city may struggle to get by on it. Of course, this also depends on your location, age, etc., but as a single person, you should be able to live comfortably in most places. It is not legal advice. We actually lived in Bangkok for a few months, and in the video, we share how much we spent on living expenses and what our lifestyle looked like. Is Earning $50,000 Considered Rich? is $60,000 a good salary for a single person is $60,000 a good salary for a single person 09 June 2022. dejounte murray sister / lake havasu city police scanner Just like rent, your mortgage payment should be a maximum of one-third of your income. If youre single, youll take home $38,286. . For example, the average monthly rent for a 2-bedroom apartment in DC is $3,500. Sign up to make sure you get your free consultation. Making 60k a year is 20% higher than the median household income in the US. You will also need to consider the cost of living in your area, your credit score, and other debts you may have. Offers may be subject to change without notice. Just in case you are worried about what your budget would look like, I figured I could give you a good example. Sounds right. Or at least, he was. Which is $1,740 more per year than the average salary in the US. PhD grads earn 23% more than Masters Degrees. This would mean that a family making $60,000 a year could afford a mortgage of $1800 a month. If you mean Melbourne AUS, then no $60,000 isnt really enough for you to lead an average lifestyle. Watch on. Start influencer marketing, sell homemade art or food, invest in bonds, rent out your extra space, etc. The average single person would have $10,120 left over after taxes and living expenses. If so, then yes. Some people may find that they need more money while others may find that they can live comfortably on less. This site is for informational purposes only and is not intended to provide financial advice. Sixty thousand dollars a year is good for a single person in most of the world. According to data from the US Census Bureau, the median personal income for individuals in the United States was approximately $35,900 . Starting monthly salary: $5,000After taxes: ~$3,916 (San Francisco)Rent for a one-bedroom apartment: $2,500Rent for a three-bedroom apartment: You dont wanna know, After taxes and rent, you have roughly $1,400 a month for food, clothes, utilities, cell phone, insurance, transportation, and entertainment. Meaning, one person could be paying $4,200 extra per year in taxes. You wont live well on a $60,000 salary in DC, for example. What is a good salary for a single person in Colorado? - 2023 That sums up to $42,000 in rent for 12 months, which someone who earns $60,000 a year would struggle to cover. As an example, while the average teacher in the U.S. makes $63,645, an entry-level teacher might expect only $30,000-$40,000. You can also save money by contributing to a 401k or IRA. However, each US dollar is roughly $1.25 Canadian at the current exchange rate, which can get slightly confusing. On $60,000, the average state income tax youll pay is $3,594. Thats a fair amount of money. However, if you live in an expensive city or have a high cost of living, then you may need to make more money to cover your costs. The Average Salary by Age for Americans - SmartAsset To determine if that amount can afford you the life you want, youd need to consider various factors. You can afford $1,250 in rent if youre making $60,000 a year. More money has been made in real estate than in all industrial investments combined.. What "Percent" Is Your Household? | Payscale - Salary Comparison However, if you live in affordable states such as Michigan, where the average annual rent for a 2-bedrooom house is $9,000, you can live comfortably on a 60K salary and even save some money for future personal project. As youll see, if youre single and living in a country with a low cost of living, then sixty thousand dollars a year is an awesome salary. Of course, your own everyday decisions can affect the quality of your $60,000 salary. But the older you get and the more responsibility you take on, earning $5,000 a month starts to look less and less. Copyright 2023 Market Realist. Lets look at how much you can afford to pay for a house and a car on $60,000 a year. Keep in mind that youre taking $45,000 or $51,000 home depending on your tax bracket. If youre financially responsible person, a $60,000 annual salary would give you a comfortable life in most cities. $44,000 per year (-$16,000 tax reduction). This can include factors like your age, location, taxes, lifestyle, family status, and more. A comfortable salary fora familyof 4 is $116,000 before taxes. Well, that depends. $60,000 can be a good salary for a family. Everything is relative to your unique situation. Yes. Utilities run you around $200 a month. Overall, $60,000 is a solid salary that will allow you to live comfortably and save money with the correct planning and spending habits. But if you give this one last thought, you'll realize that an annual salary of $80,000 is good enough for a single person to live on - especially if they don't have debts such as student loans. There are times when you may have to cut on the cost of some items to live within the means of the $60,000 annual gross salary. The answer is yes, you can save money if you make $60,000 a year. Its called personal finance for a reason. The important thing to note for this sample budget is that it is based on the high end of the monthly take-home range at $4,250. Now I know that all the digital nomads and the majority of the Financial Independence community will squawk at this. What are the best stay at home jobs that pay well ? Plus there are strategies like house hacking that can help bring your housing costs down, and some people can make a profit! Now, what if you have a salaried position with two weeks of paid vacation each year? While you can get by as a single person on a $22,000 annual salary in Kentucky or Arkansas, you'll need at least $30,000 in Hawaii or Maryland. Use this calculator to find out if you qualify as middle class - CNBC Want to learn how to travel for free? There are so many ways to buy a house so nothing should be stopping you, even the current housing prices. For example, if you are single and earn $60,000 a year, your federal tax would be different than a married couple who earns the same amount. Where should I send your packing checklist? It may be more difficult the more people in your family, but it is entirely possible. However, the biggest concern, in my opinion, is housing. Therefore, you can never have enoughjust look at Elon Musk and Jeff Bezos, who still work to grow their wealth. When you can earn more by switching jobs, side hustles are not worth it. If you work remotely and can live anywhere in the U.S., this may be eye-opening. There are over 15.5 million digital nomads from the U.S. more than triple the amount from a few years ago. The 60K is your gross income. However, in places such as such as Los Angeles or New York City, no matter how responsible you are with your money, you may struggle live comfortably on a $60K salary. Where Do I Fall in the American Economic Class System? A comfortable salary for a family is about $116,000. Generally, $60,000 is a good salary. On a global scale, the middle class is between $4,000 and $40,000 per year depending on where you live. If you get paid on a biweekly schedule you will have roughly 26 pay periods throughout the year. Depending on your answer to this question, you should be able to determine whether its possible to live on an annual salary of $60,000. $50000 a year is $24.04 per hour Let's breakdown how that 50000 salary to hourly number is calculated. High inflation is eating away at the earnings power of all individuals. Once you master the exchange rate in your head, youll start to realize the cost of living in Toronto is similar to most large US cities like Denver and Nashville. You can live comfortably on this salary if you budget properly and have no major expenses. The assumption is the sole provider is working full-time (2080 hours per year). In addition to meeting your housing, food, healthcare, and commuting expenses easily, you may be able to pay off debt, save, or invest if you budget properly. That means buying what you can afford, planning, saving money, and never spending money that you dont have. $60,000 a year is $38,286 for a single person after taxes. Is $60,000 a good salary in India? This adds up to $200 per month, or $2400 per year. Every goal you set in life requires some money to meet. Many location independent workers are realizing that their remote salary can buy them a shockingly extravagant lifestyle in other countries. The average weekly pay for men is $1,144 and $943 for women. After taxes that amount could be between $3,500 - $4,250. In towns like Oxford and the suburbs of Memphis, housing is expensive. $60,000 A Year Is How Much An Hour? And Why It's Great You deserve reliable attorneys who get results. Assuming you work full-time and make $3,600 a month after taxes, you would be left with $764 to save at the end of each month. If these numbers dont work for you, feel free to change them up and let me know what you did! So $80K would be an upper-middle class. It doesnt matter whether theyre long-term or short-term. It will surprise you! Starting monthly salary: $5,000 USD (~$6,257 CAD)After taxes: ~$3,553 USD (~$4,447 CAD)Rent for a one-bedroom apartment: $1,500 USDRent for a three-bedroom apartment: $2,750 USD. This is a normal annual income for a family if you live in an inexpensive city and know how to manage and plan your finances wisely. But if you live in San Francisco and have a spouse and a couple of kids, youre going to struggle. Lets backtrack a little to find out how we got to this number. It all depends on your unique situation. Generally, you should only spend about 28% of your gross monthly income on housing expenses. Instead of working a minimum wage job, youre better picking up one of these online gigs to earn $2,000 a month (or more). The consent submitted will only be used for data processing originating from this website. In the US, the average cost of insurance is under $500 per month for an individual and more than $1,000 for a family. Yes! If you get paid biweekly, you could get a check for $1,807 - $1,961, it all depends on how much taxes you owe the government. Answer (1 of 4): Melbourne, Florida USA Melbourne, Florida USA Melbourne, Victoria Australia Which Melbourne are you talking about? With $30,000 in savings every 12 months, you can live comfortably without worrying about emergency funds. The next biggest changes in your budget are medical, insurance, food, and clothing. Living Wage Calculator - Living Wage Calculation for Kentucky Is $60k a Year Good? Can You Even Live Off of $60k a Year? - LogicalDollar For example, nurses and doctors can make much more than $30 an hour, while retail workers and customer service representatives may only make around $15 an hour. With this respect, someone who earns $60,000 a year pre-tax, or at least $51,000 a year after taxation, is an example of a middle class earner in the United States of America. 9, 2022, https://www.zippia.com/advice/is-60000-a-good-salary/, What Percentage Of Retail Sales Are Online, Are People More Productive Working From Home, What Percentage Of The Workforce Is Female. Having enough money often comes down to how you spend rather than how much you make. If you consider only federal taxes and FICA, the take-home pay for $60,000 is $49,222. Is 60k a year a high salary in the U.S.? - Quora However, certain areas are also far more expensive than others, which can have complicated explanations. If you are not liable for any taxes your biweekly paycheck would be $2307.69. The most important factor with any salary is to budget, invest and spend within your means. It can reduce the cost of real estate, property taxes, cost of living, and state income taxes. This is especially true if you have a family to take care of as well. A six figure salary, meaning one between $100,000 and $999,999, is a benchmark for many people who want to meet financial goals. I also know that your primary residence shouldnt count as an investment, but owning one home makes it much easier to buy another and another and another. Thats not too shabby and makes for easy math if you are wanting to calculate how many more hours of work until you can afford to buy another share of TSLA or more BTC. A salary of $60,000 a year, means that your net monthly income is approximately $4,250. Lets look at how earning a yearly salary of $60,000 works out for different family sizes. And theyre a follows: States such as Washington DC and Los Angeles have some of the most beautiful cities in America. You can live comfortably on this salary if you budget properly and have no major expenses. If you want to live in the suburbs of Memphis, you may have to pinch some pennies. Keep in mind that how much you get as your take home pay will vary depending on the tax rate in your state. Is $60,000 A Year A Good Salary? (Can You Survive On It?) That said, this will depend on other factors, including the cost of living where you are and how you manage your finances. But just how good enough is 60K as an annual salary in the first place? Another factor that determines whether 60K is a good salary is the number of people in your household. In some cities, the cost of living is outrageous. If you live at home with your parents or have a small family, you could be swimming in cash. If you live in a low cost of living area or you are single your salary will stretch further. We run out of free consultations every month. What is $38 an hour annually? - coalitionbrewing.com