Yes, a person can have a decent life in the US with an annual salary of $36000, but it largely depends on several factors, including: Location: The cost of living varies significantly across the country.
Earning $40,000 a year may be considered a good entry-level salary and could be more than enough for someone with low monthly expenses. Adding another income to the mix also makes a difference.
Hourly wage needed for a single adult: $57.10. Annual salary needed for a single adult to live comfortably: $118,768. Combined salaries for two working adults with two children needed: $316,243.
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.
This brings us to the question -- can a retired person live on $4,000 a month? The answer is yes, almost 1 in 3 retirees today are spending between $2,000 and $3,999 per month, implying that $4,000 is a good monthly income for a retiree.
These guidelines are adjusted each year for inflation. In 2023, the federal poverty level definition of low income for a single-person household is $14,580 annually. Each additional person in the household adds $5,140 to the total. For example, the poverty guideline is $30,000 per year for a family of four.
If you're paid a salary, take your annual salary and divide it by 12. If you're paid hourly, multiply your hourly rate by the number of hours you work each month. Take the amount you earn before taxes each month and multiply it by 0.30.
Here is a look at five states where single individuals need to earn the most to cover basic expenses: Massachusetts: $58,009. Hawaii: $56,841. California: $56,825.
On a salary of $36,000 per year, you can afford a house priced around $100,000-$110,000 with a monthly payment of just over $1,000. This assumes you have no other debts you're paying off, but also that you haven't been able to save much for a down payment.
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.
Single people living alone may find that $35,000 per year is more than enough to support themselves. However, they'll need to be mindful of spending to save money or build up their retirement fund.
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 average salary in 2023 for an individual worker was $65,470. Demographics like location, occupation, race, and gender significantly influence average wages.
Is $30 An Hour Good Pay? Making $30 an hour puts you well above the national average, allowing for a comfortable lifestyle and some extra spending money, especially if you're working full-time. With this wage, you're less likely to struggle with finances and can avoid living paycheck to paycheck.
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.
The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people.
The average monthly expenses for one person in 2022 were $3,693, up 8.5% from 2021. That translates into an increase of $287.75 per month.
Singlism in housing
For example, there is often not enough affordable housing for single people. Economies of scale are important here, too — single people who live alone do not get to split the costs of rent or a mortgage with a spouse or romantic partner.