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.
Tbh probably around at least $50-55k/year to comfortably live alone with the ``basics'' today like rent, car payment, utilities, insurance, food, gas, possible student loans, and a small amount of room for miscellaneous purchases or a savings. Likely you'd need more if you had pets, had hobbies that require money, etc.
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.
A good rule of thumb is to have 3-6 months of living expenses saved before moving out, which typically ranges from $3,000 to $10,000 depending on your location and lifestyle. This amount should cover your security deposit, first month's rent, moving costs, basic furniture, and provide an emergency fund buffer.
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.
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 ...
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.
For people who live alone, there is no financial buffer to protect against rising costs. Many people who live alone are left to deal with all household expenses without the support of a second income. But these helpful tips could see your money go further.
$4000 as a single person is poverty with no cushion and one emergency can create instability in your life. I know because I've done it. $4000 a month isn't anywhere close to the poverty line unless you're living in like NY or SF. It's almost 4x above the poverty line on a federal level.
A Rocket Mortgage online tool finds that it costs $50,000 in Los Angeles to maintain the standard of living that a mere $34,674 would buy you in Phoenix.
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.)
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.
Outside the most expensive parts of the United States, $5,000 per month is typically enough to cover rent or mortgage payments and other lifestyle expenses if you're mindful of your budget.
As an example, the average monthly expenses in America range from about $4,300 for singles up to nearly $9,200 for a family of four. So that would be $4,300 x 3 = $12,900 for a three-month emergency fund. Or you could do $9,200 x 6 = $55,200 for a six-month emergency fund.
In short, no. Having $20k saved up to move out is ideal, it gives you extra cash for deposits and whatever else you might need. However, you cannot intend to live on $20,000. To give you a different idea about how much that is, that averages about $9 an hour, which is hard to live on.
Housing costs shouldn't exceed 30% of your gross monthly income, said Salahi. For example, if you earn $5,000 monthly, your rent should ideally be $1,500 or less. “Remember, this includes rent and utilities. You might need to stretch this to 35% in high-cost areas, but be cautious about going higher,” he warned.
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.
Housing is by far the largest expense for Americans. Monthly housing expenses in 2023 averaged $2,120, a 5% increase from 2022. Over the course of 2023, Americans spent $25,436 on housing on average.