You typically can get by on $30,000 in annual take-home pay. But you would probably live more comfortably on that money in Kansas than in New York City—given the much lower cost of living. Still, it usually can be done no matter where you live.
A widely used federal guideline defines low income as $14,580 annually for one person and $30,000 for a family of four.
Yes, it's certainly possible for a couple to live on 30k annually. My wife and I have been doing this the past 4 years. She currently makes $13.65 an hour (up from $12 a few years ago) in a retail hardware store a few blocks away.
The Poverty Threshold in 2024
Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year. That number is slightly higher in Alaska and Hawaii, which tend to have higher living expenses.
That's because there is no minimum income requirement to buy a house. However, your ability to do so will depend on a variety of factors specific to your financial situation. A mortgage lender will examine your credit score, debt-to-income ratio, and down payment to determine if you qualify.
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 ...
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. (Incomes are calculated in 2022 dollars.)
What is the average salary in U.S.? The first step in determining how much money you need to live comfortably is understanding the average income in the United States. As of 2023, the median household income in the U.S. stood at approximately $68,700 per year.
The beauty of this is that no matter which bracket you're in, you won't pay that tax rate on your entire income. Example #1: Let's say you're a single filer with $32,000 in taxable income. That puts you in the 12% tax bracket in 2018.
If you make $30,000 a year, your hourly salary would be $14.42.
Here's an idea of the ideal rent for different salaries based on the 30% rule: If you make $30,000 a year, you can afford to spend $750 a month on rent. If you make $40,000 a year, you can afford to spend $1,000 a month on rent. If you make $50,000 a year, you can afford to spend $1,250 a month on rent.
$32,000 a year is how much an hour? If you make $32,000 a year, your hourly salary would be $15.38.
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.
$150k a year would afford you a decent LA lifestyle. You should be able to secure comfortable living accommodations and live reasonably well. Buying a house would be your major investment along with a vehicle.
According to the data, the middle-class household income averages across the U.S. ranged between $52,000 and $98,500 in 2024. But the study also found that the income levels required to be considered middle-class varied significantly depending on where a person lived.
Here, a single person needs $110,781 annually or $53.26 in hourly wages to be comfortable, according to the data. For a family of two working adults with two children, a salary of $276,557 is needed.
Some employers may be looking to cut costs, but the lack of wage growth may be a matter of post-pandemic correction. The mass US layoffs of the past few years are continuing. In 2024 alone, thousands of workers across many sectors, including media and technology, have lost their jobs and are on the hunt for new ones.
The money covers a single person's basic expenses like housing in a studio apartment, food, health care and transportation, based on estimates from the nonprofit Economic Policy Institute's Living Wage Family Budget calculator. A $25 per hour wage works out to $52,000 per year, based on a 40-hour work week.
So while it's comforting to know that it's possible to live on $30,000 a year, it's also a good idea to aim higher and save more when you're young, because you can't know for certain what the future will cost and you may want some flexibility. “You want to plan for the worst,” Preti says, “not plan for the best.”
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.
Can I buy a house with low income? Yes. There is not a specific minimum income to qualify for a mortgage and there are various loan types and programs designed to help eligible buyers cover a down payment or even closing costs.