Yes, you absolutely can. You won't be driving a brand new car, living in a large house, or eating out every night, but two people can definitely live comfortably on 70k.
80k is considered low income for 2 people. Your partner needs to get a job asap. If 'a bit' is any longer than a month you'll be scraping by. You'll also need to get used to basically be living on top of each other.
Income needed: $77,298
Methodology: GOBankingRates surveyed annual living expenses for a couple in all 50 states, using the 2022 Consumer Expenditure Survey (latest available) data for a married couple from the Bureau of Labor Statistics.
Can I live comfortably making $70,000 a year? It's possible. Depending on where you live and the area's cost of living, a $70,000 annual salary might offer a comfortable lifestyle. Your current outstanding monthly debt, family size, and financial goals can also impact whether $70,000 is enough to live comfortably.
Making $70,000 Per Year In Los Angeles As A Single Person? Government Considers You Low Income.
If you make $70k a year, you can afford to spend about $1,633 on a monthly mortgage payment — as long as you have less than $500 in other monthly debt payments. You may be able to afford a $302,000 home in a low cost of living area. You may be able to afford a $247,000 home in a high cost of living area.
The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $80,610 in 2023, according to the U.S. Census Bureau. 22 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.
Research shows that couples need at least £22,400 per year to have a minimum standard of living that covers all their needs, with some leftover for fun. For a moderate lifestyle with more financial security and flexibility, married couples will need £43,100 per year.
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 ...
The Bottom Line. To comfortably afford a 400k mortgage, you'll likely need an annual income between $100,000 to $125,000, depending on your specific financial situation and the terms of your mortgage. Remember, just because you can qualify for a loan doesn't mean you should stretch your budget to the maximum.
Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
In 2022, the national middle-income range was about $56,600 to $169,800 annually for a household of three. Lower-income households had incomes less than $56,600, and upper-income households had incomes greater than $169,800.
What is the average income of a retired couple? According to the 2020 Census, the average retirement income for couples is less than $101,500.
Depending on the size of your family or household, an $80,000 salary may comfortably cover your living expenses. If other people in your household, such as children, depend on your income, consider how much it costs to pay for their living expenses in addition to your own.
A single person household spends an average of $4,641 on monthly expenses. Married couples without kids spend an average of $7,390 on monthly expenses. A family of four spends an average of $8,450–9,817 on monthly expenses (depending on kids' ages).
As of Jan 6, 2025, the average hourly pay for a Couple in the United States is $23.94 an hour. While ZipRecruiter is seeing hourly wages as high as $38.70 and as low as $16.11, the majority of Couple wages currently range between $19.23 (25th percentile) to $27.40 (75th percentile) across the United States.
According to the U.S. Census Bureau, the median household income in 2022 was $74,580. To reach the upper class in 2024, you'd typically need an income exceeding $153,000 – more than double the national median. Don't Miss: Are you rich?
According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.
You may be able to live comfortably off $70,000, depending on where you live and how many people are in your household. If you're single and live in an area where the cost of living is below average, you can likely live well on $70,000.
If you make $70,000 a year, your hourly salary would be $33.65.
The Bottom Line. On a $70,000 salary using a 50% DTI, you could potentially afford a house worth between $200,000 to $250,000, depending on your specific financial situation.