If you want to have a minimalist lifestyle, 36k/year is more then enough. If you want a home, family, car, insurance and some "toys", it's not going to be enough, at least in a majority of places in the U.S. But again, the term "decent" is pretty objective. Can you be content? Depends on your expectations.
A good monthly income in California is $5,002, based on what the Bureau of Economic Analysis estimates that Californians pay for their cost of living. A good monthly income for you will depend on what your expenses are and how much you typically spend per month.
A $36k annual salary is not considered a good income. According to PEW Research, middle-class income is between $42k and $126k per year. Therefore, a salary of $36k per year leaves you in a lower income class. Additionally, a 36k salary is typically consumed by the high cost of living nowadays.
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.
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.
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.
One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.
As of Dec 27, 2024, the average annual pay for a Minor League Baseball Player in California is $50,239 a year. Just in case you need a simple salary calculator, that works out to be approximately $24.15 an hour. This is the equivalent of $966/week or $4,186/month.
If you make $36,000 a year, your hourly salary would be $17.31.
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.
It's possible for a single person to make it on a $40,000 a year salary. Having an affordable place to live, reasonable monthly expenses, and a low debt-to-income ratio can help create a more comfortable life.
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.
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 top 5% of income earners make $335,891 per year.
The median weekly earnings for a full-time worker between the ages of 25 and 34, according to the U.S. Bureau of Labor Statistics, is $1,042 as of the fourth quarter of 2023. That amounts to an annual salary of $54,184. The good news is that, when you're only 30, you still have plenty of time on your side.
According to HHS's measurement, a family of four in 2023 would be considered impoverished if their income is $30,000 or lower. Alaska and Hawaii use a slightly different measure due to a higher cost of living in those states. The poverty guideline is $37,500 in Alaska and $34,500 in Hawaii.
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.
The Poverty Threshold in 2024
For an individual, the poverty threshold is $14,891. The U.S. Department of Health and Human Services uses the Census Bureau threshold to determine who is eligible for certain government assistance programs, like SNAP (food stamps).
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.
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.
One popular guideline is the 30% rent rule, which says to spend around 30% of your gross income on rent. So if you earn $4,000 per month before taxes, you could spend up to about $1,200 per month on rent.