If youre financially responsible person, a $60,000 annual salary would give you a comfortable life in most cities. Is $60,000 a year a Good Salary in the US? The above rent prices are for Jackson, Mississippi, but the cost of living varies widely throughout the state. Someone making $60K a year doesnt have a lot to spend compared to someone who earns a salary of $100K. Toronto ranks 74 on the Numbeo cost of living index, meaning costs are roughly 74% of New York City. Living in states with a low cost of living can help you bring more money home. Is 60K a good salary or should you aim for more? Cost of Living. Making $60,000 a year is $2,308 biweekly. The average 15-24-year-old only makes half that of the average 45-54-year-old ($43,500 to $84,400). Your dollars will stretch much further if you avoid most coastal areas of the United States and larger metropolitan areas, otherwise known as high cost of living areas. Rather, they plan their wages accordingly and live within their means. State minimum wages are determined based on the posted value of the minimum wage as of January one of the coming year (National Conference of State Legislatures, 2019). If you have student loans or other debts, your monthly payments will reduce the amount of money you have for other expenses. The average salary in the US is $51,000 a year. People that earn $60,000 per year dont bring that money home. You are earning 37.3% more than the average annual salary. 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). Answer (1 of 372): Yes $60,000 a year is considered a reasonably good income. Just remember to pick good roommates if you can. Your credit score and income can make a huge difference, in addition to other factors. Sign up to make sure you get your free consultation. Thats almost an extra thousand dollars a month you could put towards investments, paying off debts, or living large. On the other hand, a $60,000 salary can start to become dicey when you add children to the equation. Another important aspect of your location are taxes, as certain states and cities can be drastically different. According to Andrew Carnegie, Ninety percent of all millionaires became so through owning real estate. With discipline and proper financial planning, you can get by comfortably. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. The final verdict is this: Is $60,000 a good salary? You deserve reliable attorneys who get results. This adds up to $200 per month, or $2400 per year. Well, that depends. Starting monthly salary: $5,000 USD (~4,576,008 INR)After taxes: ~$3500 USDRent for a one-bedroom apartment (downtown): $150 USDRent for a three-bedroom apartment (downtown): $350 USD. However, it all depends on your lifestyle and expenses. In his professional career hes written over 100 research papers, articles and blog posts. New York City, San Francisco, Hawaii, and Massachusetts have the highest housing costs. 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. . 60,000 is a good salary for the UK. This would leave a single person with $45,650 after expenses and taxes each year. For every pro, there is a con. The minimum wage is only $7.25 an hour in Mississippi, which is less than half of California. Earning $116,000 is 63.9% higher than the average household income in the US. More often than not, a 60K annual salary may be middle class for someone who lives in the United States of America. This means that if you're earning $60k a year, which is very close to this amount, it can definitely be good. Money Peoples is a free resource for anyone looking to make an income in the gig economy. Is $60,000 a good salary? Take 40 hours times 52 weeks and that equals 2,080 working hours. Yes, $60,000 is a good salary. In this situation, $60,00 a year would not be enough. Can You Make Good Money Fast As A Groceries Delivery Driver? 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. Yes, $60,000 is a good salary. 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. According to data from the US Census Bureau, the median personal income for individuals in the United States was approximately $35,900 . The estimated cost of living for a family of four is $4,900 a month. Most likely a six-figure salary. You wouldnt make enough to save or even cover your expenses. Multiply that by 2 and you get $2,308. 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 Maybe shopping is your spouses favorite hobby. Again, the answer to this question varies depending on your location and expenses. You are earning 12% more than the average annual salary. Just in case you are worried about what your budget would look like, I figured I could give you a good example. If you want to have lively nightlife, that helps narrow down your search as well. $60k a year is a great salary for most areas of this state. Unlike adults, kids run through clothes fast. Just like rent, your mortgage payment should be a maximum of one-third of your income. You are earning 20.6% more than the average annual salary. All Rights Reserved. You wont be able to eat out, and youll more than likely have to get rid of your vehicle and opt for the bus. Sounds right. Before you settle for an office job, consider the perks of a stay at home job. Your cost of living varies depending on whether youre single or a family of 3. The tool provides information for individuals, and households with one or two working adults and . Or, do you have a family looking up to you on a monthly basis? 60,000 dollars yearly is considered a good salary in the United States, but whether it's enough for you depends on your individual circumstances. The next biggest changes in your budget are medical, insurance, food, and clothing. Most people, me included, recommend spending no more than one-third of your income on housing. 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. We will also look at different jobs that pay 60000 a year and how that income can change depending on your location, lifestyle, and expenses. Start influencer marketing, sell homemade art or food, invest in bonds, rent out your extra space, etc. As a general rule, earnings tend to rise in your 20s and 30s as you start to climb up the ladder. However, once you start a family, its going to cost you more to survive. Consult an attorney if you are seeking legal advice. Your $60,000 a year would be this much after taxes: $60,000 annual pre-tax income-$6,262 federal income taxes . We all gotta eat. You can live comfortably on $60,000 a year in most places in the world as a single person, and even as a family in many places. The average living wage is 245% of the minimum wage in America. Theaverage monthly student loan paymentis $460. For example, the average monthly rent for a 2-bedroom apartment in DC is $3,500. No matter how you spin it, $60k a year isnt going to hack it in Cali. If you ask for anyones opinion, theyll make it abundantly clear that you can do really well with a salary of $60K a year if you live in inexpensive states such as Alabama, Georgia, and Kansas. There are so many ways to buy a house so nothing should be stopping you, even the current housing prices. 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. It all depends on your unique situation. The lifestyle you can afford with a 60k salary depends on where you live. As you can see from the table above, the hourly rate for someone earning $60,000 a year is $30, which is far above the rate many people earn in the United States of America. In Alcona and Alger County in Michigan, the average monthly rent for a house of the same size stands at $750. Disclosure: This page may contain affiliate links and we may receive a commission through them, but this is at no additional cost to you. The only time you should be concerned about a $60,000 salary is if you have children, and/or live in one of the most expensive locations in the U.S. Typically, the average workweek is 40 hours and you can work 52 weeks a year. You probably wont be buying a mansion, but the person making $100,000 a year wont be either. The poverty rate reflects a person's gross annual income. Yes! Now, what if you get paid biweekly? In this article, we will take a look at if a salary of $97,000 good for a single person and which factors play into this. 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. Toronto and Vancouver are pretty expensive. The median annual expenses for a single person is $32,352. In comparison, the median annual salary in the US is $70,784 or $1,361.23 per week. But not all foreign countries are cheap. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. It does not take into account taxes, bonuses, or vacation time. 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. Other than that though, $60,000 per year is a good salary in the U.S. No votes so far! I get paid twice a month, now what? It can reduce the cost of real estate, property taxes, cost of living, and state income taxes. Some people argue that you never really know how much you earn unless you know your hourly wage. Instead of working a minimum wage job, youre better picking up one of these online gigs to earn $2,000 a month (or more). Making that kind of salary will make it nearly impossible for you to survive in the states most expensive cities. Lets compare some cheap and expensive examples. The assumption is the sole provider is working full-time (2080 hours per year). ($60,000 - $13,000) / 26 = $1,807.69. Over half a decade has passed since he left his career to travel the world as a digital nomad, and hes never looked back. From learning exactly how to travel the world full-time, earn money from anywhere, and live a completely "untethered" life. Find cheaper alternatives: If you have cable, consider switching to a streaming service like Netflix or Hulu. Were also going to look at the different tax rates between single and married people. You can also get involved in various referral marketing programs and start earning cash, discounts, and free products. Using an FHA loan for example you can put down as low as 3.5% of the purchase price. No matter what your salary is, the most important thing you can be doing is saving and investing your money. Starting monthly salary: $5,000 After taxes: ~$3,908 (Jackson) Rent for a one-bedroom apartment: $800 to $1,000 Rent for a three-bedroom apartment: $1,000 to $1,200 The above rent prices are for Jackson, Mississippi, but the cost of living varies widely throughout the state. An example of data being processed may be a unique identifier stored in a cookie. If you make $60,000 a year living in the region of California, USA, you will be taxed $13,653. But anywhere else, youll be living well. Money Peoples is reader-supported. The above statistics are averages for the entire country of India, and may be more or less depending on which city you live in. You can live comfortably on this salary if you budget properly and have no major expenses. If youre being paid $60k a year USD and paying taxes like a US citizen is supposed to, you should have roughly $3,500 a month after taxes. That is just under $25 an hour, and just about $51,000 a year. Thats definitely something you need to decide for yourself. In California, $60,000 a year is $41,100 for a married couple after taxes. Whether its helpful guides, reviews, or tools, we share firsthand experience and rigorous research on the best ways to make money in the gig economy. And talk to them about what skills you can gain to get a higher-paying job offer. This can include factors like your age, location, taxes, lifestyle, family status, and more. Average Salary for Ages 35-44. You are earning 86% of theaverage annual salary. If you work a position with no paid time off (PTO) then you are working 2080 hours a year. After taxes, making $60,000 a year leaves a family of 3 with $52,800. Invest in a 401k or IRA: You can automatically contribute $50 from each paycheck into your retirement account. Here are the best places: In the end, it depends on what matters most to you. Sixty thousand dollars a year is good for a single person in most of the world. Its easier to afford things when you have more money around to use. Another major factor is where you live and your responsibilities. You may have to be careful with your spending and save for larger expenses like a car or a home, but overall you should be able to survive on this income. Is $60,000 a good salary in California? With that in mind, lets cover everything you should consider when assessing the quality of a $60,000 salary. Your rent payment should not exceed 28% of your gross monthly income. If you are living in a low cost of living area you will be able to stretch your dollars even further. If youre looking for more information on making money, be sure to check out our other blog posts on the subject. A $60,000 annual pay works out to about $30 per hour, which is four times the federal minimum wage of $7.25 per hour. . Meaning, one person could be paying $4,200 extra per year in taxes. A comfortable salary for a family of 4 is about $116,000. You should only be spending 10%-15% of your monthly budget on a car. Keep repeating that process until you find out what you need, and what you dont. That entirely depends on your cost of living. Its a different case if youre from Michigan, as you can save enough money within that period to buy yourself the car. 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. The answer is yes, you can save money if you make $60,000 a year. Contents1 What is a livable wage in Colorado?2 How much does a single person need to make [] Is $60,000 a good salary in India? In fact, many lower earners dream to make such an amount. The most important factor with any salary is to budget, invest and spend within your means. A comfortable salary for a family is about $116,000. An example of data being processed may be a unique identifier stored in a cookie. You can control your food budget to a degree, but once you start a family, plan on doubling your food expenses. Again this is all dependent upon your tax liabilities. Utilities and food cost more. In short, do you want to My name is Alex Mwangi and I'm here to help you create more income and manage your wealth for continued prosperity. 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. Contents1 What is considered [] Mitch's Travel Recommendations:Travel Planning Resources - Everything you need to plan your trip on one convenient page.Safetywing Insurance - This cheap travel insurance has saved me over $15,000 in medical bills.Booking.com - Book accommodation without adding your credit card (in case you need to cancel).Skyscanner - Find cheap flights.Trusted House Sitters - Take care of pets in exchange for free (sometimes luxury) accommodation.Flexjobs - Find remote jobs without having to sift through crappy ones.Skillshare - Free trial to take unlimited classes that teach digital nomad skills.Anytime Mailbox - Virtual mail service that can handle your mail while youre away.Wise - Send and receive money abroad cheaply (great for freelancers). Another issue with the "40 times rent" rule is that it is a general rule and doesn't take into. You would need to make closer to $100,000 a year in household income to cover all of your expenses. My plan is to use the money to get humanity to Mars and preserve the light of consciousness. In more recent data, a good salary in Colorado is roughly $62,000 per year, or approximately $5,168 per month. Having a good education is usually helpful but not always necessary, and certain jobs are more likely to come with six figure salaries. You could easily save over two-thirds of your paycheck each month, and youll never get bored exploring all that India is famous for. Do you want to live like a king or queen? The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. If you want to be close to friends and family, then that helps you narrow down your list of where you want to live. Welcome Home! In New York, $60,000 a year is $42,540 for a married couple after taxes. That comes out to exactly $30 an hour if you get 2 weeks of paid vacation each year. According to their own estimates, this tax only covers ~10% of the $3.5 trillion spending bill. Download this FREE travel hacks "cheat sheet" for my best secrets. This website is for informational purposes only. For a family of four, the estimated cost of living is $4,900 a month. Making $60,000 a year is an hourly rate of $30 per hour. There are dozens of countries where a 60K yearly salary would afford you an amazing lifestyle. Its personal. While you may be an average earner with such an annual income, it's possible to live on it comfortably. In the budget provided above, I showed a sample of saving 20% a month. 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 you live in a low cost of living area or you are single your salary will stretch further. If you're financially. That leaves $30,512 for other expenses after taxes. With that said, everyone will have a different idea of what makes a comfortable life Its a decent salary in a lower cost of living area and is a more difficult salary in higher cost of living areas. Are you single? Food is going to run you a fraction of the cost. 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. With $30,000 in savings every 12 months, you can live comfortably without worrying about emergency funds. If you prefer to do a mix of eating out and cooking, $200 will have you eating whatever you want without hurting your budget. The median household income in 2023 is about $76,000. Lets look at how much you can afford to pay for a house and a car on $60,000 a year. Hey you! A family of 3 earning $60k a year should have an extra $1,200 left over each month. This is because the cost of living is typically higher when you have more people to support. Its not that theyre survivalists by nature. On the other hand, certain states have very high taxes. For example, a law student may earn a modest graduate student stipend of $20,000 per year, which would put them in the low-income class. You can afford pretty much anything in moderation. Your Demography With this salary, a person could expect to make $1,534 every week, or $6,223 per month. If youre a nomad or have a family and you want to go somewhere cheap, India might be the perfect spot for you. When you get paid twice a month, youll see that you could get an average paycheck of anywhere between $1,958 - $2,125. Are they hard at work, or are they stuffed under the mattress with your box full of keepsakes and bets with your wife? The aim of this $60,000.00 salary example is to provide you detailed information on how income tax is calculated for Federal Tax and State Tax. Some of his most popular published works include his writing about economic terms and research into job classifications. Any time you add in extra variables, the data changes. So $80K would be an upper-middle class. If you get paid on a biweekly schedule you will have roughly 26 pay periods throughout the year. There are other factors of course, but overall, these are some of the most prominent. The answer is you. Which is $8,260 less per year than the average salary in the US. That means that a $60,000 a year salary is about 20% more than the median salary in the US. link to How to Make a Fortune Selling Your Photos Online. And theyre a follows: States such as Washington DC and Los Angeles have some of the most beautiful cities in America. Food is another $200 minimum. The 60K is your gross income. If youre applying to a job or considering a job offer that pays $60,000, you may be wondering whether thats a good salary. Lets look at how much youll bring home if you make $60,000 a year. Assuming that your roommates work their own jobs, buy their own food, help pay rent, or offer any other kind of financial assistance, you might even be in a better situation than if you were living alone. In this situation, $60,00 a year would not be enough. By signing up, you'll also be added to my legendary email list and receive handy travel lifestyle tips and inspiration I don't share anywhere else. 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. Recommended Reading: Overview of Real Estate Investing. With a median salary of $63,293, the average resident of the Badger State is in a relatively good financial spot . Keep in mind that the tax rate varies from state to state, so its unlikely theres a general chart to look up.