A single person household spends an average of $4,641 on monthly expenses. Married couples without kids spend an average of $7,390 on monthly expenses. A family of four spends an average of $8,450–9,817 on monthly expenses (depending on kids' ages).
Here, you'll get a sense of how much an average person might spend per month so you can consider how your own budget looks. The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month.
The average household's monthly expenses are $6,440 ($77,280 over the entire year). That's up from $6,081 ($72,967 over the entire year) in 2022. The average annual income after taxes is $87,869, up from $83,195 in 2022. Housing is the largest average cost at $2,120 per month, making up 33% of typical spending.
The average monthly cost for personal care products and services ranges by individual, but haircuts, soap, toothpaste, and other essential items all add up and should be included in your monthly expense budget. The average person spends $72 per month on personal grooming expenditures.
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.
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.
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.
Setting budget percentages
That rule suggests you should spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings and paying off debt. While this may work for some, it's often better to start with a more detailed categorizing of expenses to get a better handle on your spending.
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.
The average monthly expenses for a single person will depend quite a bit on where you live, and if you're living alone for the first time, you might be surprised that most things cost more, not just your rent. The national average expenses for a single person living alone are around $3,500 per month.
Average Monthly Expenses by Household Size
A single-person household spends an average of $4,641 on monthly expenses. Married couples without kids spend an average of $7,390 on monthly expenses. A family of four spends an average of $8,450-$9,817 on monthly expenses (depending on kids' ages).
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.
Summary. The average rent for a one-bedroom apartment in the US is $1,713. New York is the most expensive state to rent in at $2,552, and Wyoming is the cheapest at $608. Learning about the different averages for one-bedroom apartments across the US is crucial for making smart financial decisions about where to live.
California: Expect to pay between $90 and $120 for a 1-bedroom apartment, with prices typically being higher in urban areas like Los Angeles and San Francisco. New York: Electric bills for a 1-bedroom apartment in New York City can range from $75 to $125, depending on the building and heating type.
Bottom Line. Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.
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.
While this figure can vary based on factors such as location, family size, and lifestyle preferences, a common range for a good monthly salary is between $6,000 and $8,333 for individuals.
Ideally, you want to have 20% of your take-home pay left over after paying all of your bills.
It is recommended that you spend 30% of your monthly income on rent at maximum, and to consider all the factors involved in your budget, including additional rental costs like renters insurance or your initial security deposit.