Middle-income households – those with an income that is two-thirds to double the U.S. median household income – had incomes ranging from about $56,600 to $169,800 in 2022. Lower-income households had incomes less than $56,600, and upper-income households had incomes greater than $169,800.
In most of the US, yes, it's a very good salary. As a household salary, it would put you in the top 20% of wage earners. No obscenely rich, but certainly not poor. In small, rural towns, it would allow you to buy a very nice property, and live very well.
According to the U.S. Census Bureau, the median income in 2021 was $70,784. So American families earning between $47,189 and $141,568 are technically in the middle class, according to the Pew Research Center's definition.
Making $70,000 Per Year In Los Angeles As A Single Person? Government Considers You Low Income.
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?
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.
As of Jan 6, 2025, the average annual pay for a 70K A Year in the United States is $44,728 a year. Just in case you need a simple salary calculator, that works out to be approximately $21.50 an hour. This is the equivalent of $860/week or $3,727/month.
A $70,000 salary's adequacy largely depends on geographic location, household size, lifestyle, and financial obligations. In high-cost areas or for larger families, this salary might not suffice for a comfortable living.
$70,000 a year is how much an hour? If you make $70,000 a year, your hourly salary would be $33.65.
For the purposes of this article, those with an income in the bottom 20 percentile will be identified as lower class, followed by lower-middle class (up to 40th percentile), middle class (up to 60th percentile), upper-middle class (up to 80th percentile) with the remainder considered upper class.
When it comes to defining a “good” salary, there's no one magic number. The Bureau of Labor Statistics (BLS) reported that the average salary in the U.S. is $65,470, as of May 2023. Based on this data point, $70K a year is a good salary for a single person — one that puts you above the national average.
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.
There's no single definition of “middle class.” According to the Pew Research Center, middle class households have an income that's between two-thirds and twice the U.S. median household income of $70,784. (A $75,000 salary falls easily within this range.)
An income of $70,000 surpasses both the median incomes for individuals and for households. By that standard, $70,000 is a good salary.
Assuming a 20 percent down payment on a 30-year fixed-rate loan at an interest rate of 7 percent, you can afford the payments on a $240,000 home, according to Bankrate's mortgage calculator.
If you are a single person in Los Angeles making around $70,000 a year, you are still considered low-income, according to a new statewide study. The California Department of Housing and Community Development released the report in June and found that income limits have increased in most counties across California.
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.
With an annual income of $70,000, your gross monthly income comes out to about $5,833 per month.
According to the 28/36 rule, you should spend no more than 28% of your gross monthly income on housing and no more than 36% on all debts. Housing costs can include: Your monthly mortgage payment. Homeowners Insurance. Private mortgage insurance.
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.
In the 2023 CPS ASEC data, which reports income for 2022, middle-income households with three people have incomes ranging from about $61,000 to $183,000 annually. “Lower-income” households have incomes less than $61,000, and “upper-income” households have incomes greater than $183,000.