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.
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.
Key Findings. 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.
Still, to live comfortably with the 50/30/20 rule, you'd need to make quite a bit of money to live comfortably in the Mitten State. For a single working adult to live comfortably, they need to make $84,365 per year, or $40.56 per hour.
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 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.
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.
Mississippi: According to World Population Review, in 2023, Mississippi holds the title of the cheapest state to live in the United States. Its cost of living index is 85, and overall costs in the state are 17% lower than the national average.
This is equivalent of $1,193 a week or $5,169 a month. Most salaries in California range between $42,595 (25th percentile) to $79,952 (75th percentile) annually. Of course, salaries will vary depending on yor occupation, experience, and many other factors.
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.
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.
In Los Angeles County, the living wage for two working adults with two kids is $138,000 per year, or $33.24 per hour for each adult. For a single adult with no children, the Living Wage is $26.63 per hour, or $55,300 per year.
Researchers found that, on average, single adults living in 99 of the largest metro areas in the U.S. need to make $96,500 to sustain comfortable living.
While California ranks third-most expensive for a single adult to live comfortably at $113,652, it only ranks fifth-most expensive for two working adults raising two children. The total family income should be at least $276,724 in the latter case.
The living wage in the United States was $25.02 per hour in 2022 or $104,077.70 per year before taxes based on a family of four with two working adults and two children.
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.
To live "comfortably" as a single person in 99 of the largest U.S. metro areas, you'll need a median income of $93,933, according to a recent SmartAsset analysis.
It's quite possible to live well on $30,000 per year if you're debt-free, but what if you have debt? I would recommend trying to pay it off as quickly as possible with the debt snowball approach. Cut your expenses as much as you can and put the amount you save toward debt each month.
The answer is a bit more than the often cited $75,000 per year. In a 2023 paper published by the Proceedings of the National Academy of Sciences (PNAS) journal, key findings suggest that earnings up to $500,000 boost and buy overall happiness.
Introduction: My name is Corie Satterfield, I am a fancy, perfect, spotless, quaint, fantastic, funny, lucky person who loves writing and wants to share my knowledge and understanding with you.
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