The salary a single person needs to live comfortably in every U.S. state (2024)

FAQs

How much does a single person need to make to live comfortably 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.

How much does the average American make a year? According to the U.S. Bureau of Labor, the average U.S. annual salary in Q4 of 2023 was $59,384. This is up 5.4% from the same time period in 2022 when the average American was making $56,316 per year.

U.S. per capita personal income 1990-2022

This statistic shows the per capita personal income in the United States from 1990 to 2022. In 2022, the per capita personal income was 65,423 U.S. dollars. Personal income is the income that is received by persons from all sources.

According to the Bureau of Labor Statistics (BLS), the national average salary in 2021 was $58,260. Although wages above the average could be seen as a good salary, there are no hard and fast rules regarding how to determine a good salary since there are many factors involved.

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 ...

With New Jersey ranking as the top state to make the most money to be considered middle class, other states ranking in the top five requiring salaries exceeding $50,000 to be in this category include Maryland ($63,321) and Massachusetts ($62,986), Hawaii ($61,633) and California ($61,028).

Well, what makes a good salary depends on you, your needs, and your values. But for most folks, a good salary is one you can live on comfortably, meaning your basic needs, like food, utilities, housing, transportation and clothes, are taken care of each month without going into debt.

According to the same research, those in the top 5% earned an average of $335,891 in 2021.

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.

Can you live on 40k a year? ›

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.

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.

Middle class: Those in the 40th to 60th percentile of household income, ranging from $55,001 to $89,744. Upper middle class: Households in the 60th to 80th percentile, with incomes between $89,745 and $149,131. Upper class: The top 20% of earners, with household incomes of $149,132 or more.

What is the average cost of living in the US? The average cost of living in the United States is estimated to be between $2,500 and $3,500 per month, depending on your location and lifestyle. This includes housing, food, transportation, health care, taxes, and other expenses.

California. California's living wage is $19.41, or $40,371 a year for an individual. A family of four requires $27.42, or $101,378 a year.

A decent salary — one that allows for necessities, fun, and savings — might start around $69,000 for a single, childless person in Florida and $94,500 for a couple.

Mississippi is the state with the lowest cost of living in the US, with a cost of living index of 85. This means that the cost of living in Mississippi is 15% lower than the national average.