How Far a 50K Salary Would Get You in 30 American Cities (2024)

FAQs

Is $50,000 a good salary in the USA? ›

A $50,000 annual salary is above the U.S. national average salary of $48,672 but below the median household income of $68,703. Remember that even if you currently earn $50k per year, you may be able to increase your earnings by taking on more responsibility within your company.

By the Census data, it means that if you earn between $50,000 and $150,000 a year, you are considered middle class. It's a pretty straightforward answer, but it isn't particularly helpful if you're trying to climb up out of a lower income bracket into the middle class.

The rule of 2.5 times your income stipulates that you shouldn't purchase a house that costs more than two and a half times your annual income. So, if you have a $50,000 annual salary, you should be able to afford a $125,000 home. Explore what your mortgage payment might be with today's rates.

If you make $23 an hour, your yearly salary would be $47,840.

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.

Where you rank by income. According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

If you are a single person in Los Angeles making around $70,000 a year, you are still considered low-income, according to a new statewide study. The California Department of Housing and Community Development released the report in June and found that income limits have increased in most counties across California.

Upper Class Is Relative To The Median

In 2022, the national median household income is around $75,000, up from $68,000 in 2021. Therefore, as a whole, the typical upper-class household in the new decade has a median household income of over $130,000. $130,000 is a good household income amount.

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. The top 5% of income earners make $335,891 per year.

What is a good salary in 2024? ›

The BLS groups median salaries by age brackets. The median salary for ages 25-34 in the second quarter of 2023 is $54,184 per year. And the median salary for individuals ages 20-24 is $37,024 per year.

A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That's because your annual salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.

In a competitive market, you'll likely need to have picture-perfect finances, compromise on location, and make some serious cuts to other parts of your budget. In areas with more modest housing prices, though, an annual income of $50,000 can put a home well within reach if mortgage rates are low.

On a salary of $36,000 per year, you can afford a house priced around $100,000-$110,000 with a monthly payment of just over $1,000. This assumes you have no other debts you're paying off, but also that you haven't been able to save much for a down payment.

A "good" salary in the United States can vary widely depending on factors like location, industry, and individual lifestyle. However, as a rough estimate, many people consider a salary above $75,000 to $100,000 per year to be good, especially in areas with a lower cost of living.

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

$50,000 a year is how much an hour? If you make $50,000 a year, your hourly salary would be $24.04.