Is 60K a Good Salary for a Single Person in 2024 | SoFi (2024)

Whether you’re mulling a job offer or planning your future, you may be wondering how well you could live on $60,000 a year. To figure that out, you’ll want to consider several factors, including your cost of living, existing debt and financial obligations, spending habits, where you are in your professional journey, and your financial goals.

It may also help to look at how much other workers earn. According to the latest data available from the U.S. Census Bureau, the median income in the United States in 2022 was $74,580. While $60K a year is lower than that, it’s still considered a good salary for a single person, as they typically have fewer expenses than someone who’s supporting a household.

Let’s see how $60,000 stacks up against the median salaries in different states.

Median Income in the US by State in 2024

Incomes vary widely from state to state, with many of the highest-paying jobs by state found in the Northeast and on the West Coast. But in many cases, those same areas also have high costs of living, which can take a sizable bite out of your paycheck.

Keep that in mind as you check out the table below, which shows the median household income by state, according to the U.S. Census Bureau.

Average Cost of Living in the US by State in 2024

The cost of living is how much it costs you to pay for basic, day-to-day expenses, such as housing, food, utilities, transportation, and health care. It’s calculated as an index, with the average cost of living in the U.S. set as a baseline of 100. All states are measured against this baseline.

Here’s a look at the cost of living index by state, as aggregated by the Missouri Economic Research and Information Center.

How to Live on a $60K Salary

You don’t necessarily need a six-figure salary to live a comfortable life. If you’re earning $60,000 a year, you may find you have enough for the things you want and need. If you’re struggling to make ends meet, you may find it helpful to create a budget. There’s no one-size-fits-all approach to budgeting, but one popular method is the 50/30/20 rule. This method involves organizing your after-tax income as follows:

• 50% for necessities, such as housing, food, transportation, utilities, and debt.

• 30% for wants, such as entertainment, travel, meals out, and shopping.

• 20% for savings, including an emergency fund or retirement account.

Preparing and following a budget that includes all your income and expenditures is critical to knowing how much you can afford to spend on a home each month. A money tracker can help monitor your spending and provide valuable insights.

How to Budget for a $60K Salary

Let’s look at what a budget might look like if you earn $60,000 a year. We’ll set your take-home salary, after benefit deductions and taxes, at $3,800.

If you follow the popular 50/30/20 budgeting rule, you have:

• $1,900 to pay for living expenses

• $1,140 to pay for discretionary items like clothing and entertainment

• $760 to put toward paying debt and savings

One way to stick to your budget is to track your expenses and ensure you’re not spending more than you should in each category. If you are, look for ways to cut back on unnecessary expenses. For instance, if you live in a city, you may be able to use public transportation more frequently. Or perhaps you can eat out less and cook more.

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Maximizing a $60K Salary

It’s possible to get the most out of your $60,000 salary. One way to do so is to live within your means. That may require settling in an area where the cost of living is low — in other words, where rent is reasonable, and food and other necessary items are more affordable.

It could also mean putting off major purchases until you’ve saved up enough to pay for them. Online tools like a budget planner app can help you monitor spending and also spot areas where you can cut back.

And if you’ve been at your job for a while and have a strong track record to show for it, you may want to consider asking for a raise or promotion.

Is $60,000 a Year Considered Rich?

A salary of $60K puts you in the richest 2.2% of the world’s population. However, in a wealthy country like the United States, a $60,000 income is not considered “rich.” Nor is it a six-figure salary.

For perspective, in order to be considered part of the top 1%, you’d need to earn $785,968 or more, according to data from the Social Security Administration.

Is $60K a Year Considered Middle Class?

Short answer, yes. The Pew Research Center defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $69,244. That means American households earning between $46,163 and $138,488 are considered middle class.

Example Jobs that Make About $60,000 a Year Salary

Looking for a new career path? Here are some jobs for introverts and extroverts alike that pay around $60k a year, according to data from the Bureau of Labor Statistics.

• Property, real estate, and community association manager: $62,850

• High school teacher: $65,220

• Aircraft mechanic and service technician: $64,090

• Real estate broker: $56,620

• Physical therapy assistant: $58,740

The Takeaway

Is a $60K salary good for a single person? In many cases, yes. While the wage falls short of the median salary and the average pay in the United States, it’s generally considered enough for an individual to live on. Of course, just how far a dollar can go depends largely on the cost of living in your area. Living in an expensive coastal city like New York or San Francisco would require more money than, say, a smaller, more affordable city like Columbus, Ohio.

Also important is the amount of debt you have, your spending habits, your financial goals, and where you are in your professional journey. For instance, depending on your profession, earning $60,000 a year could be a good entry-level salary.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Can I live comfortably making 60K a year?

A single person can usually live well on a $60,000 annual salary. However, if you have expensive tastes, are carrying a lot of debt, live in an area with a high cost of living, or are supporting multiple people, you may find it more challenging to get by on $60,000 a year.

What can I afford with a $60K salary?

Housing is typically the biggest line item in a budget. If you earn $60,000 a year, you may be able to afford housing expenses of $1,400 a month. Another rule of thumb suggests you could afford a home worth $180,000, or three times your salary.

How much is 60K a year hourly?

If you make $60,000 a year, your hourly salary would be $28.85 after taxes.

How much is $60K a year monthly?

A yearly $60,000 salary translates to about a $5,000 monthly salary before taxes.

How much is 60K a year daily?

A salary of $60K works out to around $230 per day before taxes, if you work eight hours a day.

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