On average, single workers in the US require an annual income of $57,200 to make a living wage in America, according to the analysis by GOBankingRates.
That amount is a couple thousand less than the average income of all American workers, regardless of marital status — $59,428, according to Forbes.
To determine the wage baselines, GoBankingRates used data from the Bureau of Labor Statistics to quantify the minimum amount a single person would need to follow a 50/30/20 budget — meaning 50% for necessities, 30% for discretionary spending and 20% for savings or investments.
Hawaii is the most expensive state for singles, requiring them to rake in an annual salary of $112,411 to live comfortably.
Unfortunately, the average yearly salary in the Aloha State — which has one of the highest costs of living — falls significantly short at $61,420, reported Forbes.
Perhaps surprisingly, it’s also the only state where a single person needs to make six figures to get by.
Ideally, singles in Massachusetts should be cashing in an annual salary of $87,909, but the average worker makes about $11,000 less, reporting an average pay of $76,600.
Unhitched employees in the Golden State, meanwhile, should want to collect $80,013 a year but aren’t likely to make that much, as the average salary in the state is reported at $73,220.
New York has yet again proven that it encourages independence by requiring singles to make $73,226, which is just a little below the average salary of $74,870 calculated by Forbes.
Up in Alaska, singlehood also seems to be more welcoming.
Solo people should be able to live comfortably aiming for an annual salary of $71,570, which seems achievable with a statewide average salary of $66,130.
Massachusetts, California and New York all require high living wages largely due to the fact that Boston, Los Angeles and New York City — some of the biggest cities in the country — havesome of the highest housing costs in the US, which singles have to take on alone.
Unsurprisingly at the very bottom of the list, Mississippi — the poorest state in the country — only requires singles to make about $45,906 a year, which seems attainable with an average salary of $45,180.
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.
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.
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.
It is indeed possible to live individually on a $100,000 income. At that salary, many individuals will be able to cover not only basic living expenses but also discretionary expenses, like dining out and traveling.
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.
Every additional person in the household adds $5,140 to the total. For example, the poverty guideline is $30,000 annually for a family of four. Earning $25 per hour puts you well above the poverty line, especially if you're single. With careful budgeting and financial planning, $25 is still a viable hourly wage.
SmartAsset says a single working adult must earn at least $114,000, or about $55 an hour, to support themselves in the Golden State. When it comes to a basic “living wage,” MIT says a single adult in California needs to earn $27.32 per hour or $56,800 per year.
The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.
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.
To account for this, experts suggest you multiply your desired retirement income by 25 times. So if you want to retire on $20,000 a year, you would need $500,000 saved to live comfortably and never have to work again.
So while it's comforting to know that it's possible to live on $30,000 a year, it's also a good idea to aim higher and save more when you're young, because you can't know for certain what the future will cost and you may want some flexibility. “You want to plan for the worst,” Preti says, “not plan for the best.”
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 ...
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.
Introduction: My name is Fr. Dewey Fisher, I am a powerful, open, faithful, combative, spotless, faithful, fair person who loves writing and wants to share my knowledge and understanding with you.
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