National Average: As of 2023, a household income of around $75000 to $100000 is often considered a comfortable range for a family of three, allowing for a decent standard of living, including housing, healthcare, education, and discretionary spending.
For single parents, necessities require an income of $109,111 with one child in the household, $140,222 with two, and $178,113 with three children. Families with two working parents raising two or three children will need $150,578 and $176,107, respectively.
$100k is around the average and above the median full time salary. It is quite literally a middle class wage which sees you sit somewhere in the middle of society.
One estimate found that the median U.S. household income is $77,397. Only 18% of individual Americans make more than $100,000 a year, according to 2023 data from careers website Zippia. About 34% of U.S. households earn more than $100,000 a year, according to Zippia.
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.
It may surprise you to know that making 6 figures is hardly the norm in the US—even on the lower end of the range. According to the US Census, about 16% of American households make between $100,000 and $149,999, 9% of households make between $150,000 and $199,999, and another 12% earn $200,000 or more.
100k Salary How Much House Can I Afford: Example
Assuming a 20% down payment and a 4% interest rate on a 30-year fixed-rate mortgage, you could potentially afford a home priced around $400,000.
Is $100,000 Salary a Middle Class Income? This depends on your household size and location. For a single individual, $100,000 would actually put you in the upper-income level in most places. For household sizes between two and four, $100,000 a year would put you squarely in the middle class.
If you're raising a family of four in 2024, you'll need a six-figure income in 26 U.S. states. That's more than half of America where you'll need to earn $100,000 or more annually to budget for and comfortably raise a family.
Average Monthly Expenses for a Family of Three
Each combination has different needs; two adults may need double the cost for transportation and housing with at least two bedrooms, and so on. The average monthly expenses for a three-person household in 2022 were $7,189, or $86,265 per year.
How Much Income Do You Need to Be in the Top 20%? The real median household income in the U.S. is around $80,610, according to the latest Census Bureau data. In order to be in the top 20% of income, you'd need to earn nearly double that amount or an average of $130,500 per year.
Middle class is defined as income that is two-thirds to double the national median income, or $47,189 and $141,568. By that definition, $100,000 is considered middle class. Keep in mind that those figures are for the nation. Each state has a different range of numbers to be considered middle class.
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 median household income is around $75,000, up from $68,000 in 2021. Therefore, as a whole, the typical upper-class household in the new decade has a median household income of over $130,000. $130,000 is a good household income amount.
That monthly payment comes to $36,000 annually. Applying the 28/36 rule, which states that you shouldn't spend more than around a third of your income on housing, multiply $36,000 by three and you get $108,000. So to afford a $500K house you'd have to make at least $108,000 per year.
This means that if you make $100,000 a year, you should be able to afford $2,500 per month in rent. Another rule of thumb is the 30% rule. If you take 30% of $100,000, you will get $30,000. Divide that figure by 12 (the number of months in a year) and the answer is also $2,500 per month.
The answer is yes. There's a city in every state where that much money allows for comfortable living. GOBankingRates analyzed data from several sources, including AreaVibes, Sperling's Best Places and the U.S. Bureau of Labor Statistics, to compile the best places to live on a $100,000 salary in each state.
A $100,000 salary is considered good in most parts of the country, and can cover typical expenses, pay down debt, build savings, and allow for entertainment and hobbies. According to the U.S. Census, only 15.3% of American households make more than $100,000 annually.
A gross annual income of $150,000 per year equates to a $576.92 daily salary. This calculation assumes you're working 40 hours per week and eight hours per day. SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.'s service.
In 2022, over 34% of American households made over $100,000. This puts you in the top 24% of the US population.