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The median annual pay for cosmetologists is $33,400 a year, according to the Bureau of Labor Statistics data for the most recent year studied. Helping people feel their best can be a rewarding way to spend one’s workdays, and cosmetologists get to do just that. From hair to skincare to makeup to nails, there are a lot of different niches a cosmetologist can master, all of which can be really fun and rewarding career paths to take.

That said, the average pay for cosmetologists is significantly lower than the average income for all jobs in America, which, again according to the Bureau of Labor Statistics, is just below $60,000 for the fourth quarter of 2023.

Keep reading to learn more about what it’s like to work as a cosmetologist and what the earning potential could be.

What Are Cosmetologists?

Cosmetologists can specialize in one type of personal grooming service, such as haircuts or manicures and pedicures. Others may offer skincare services like facials, hair removal (waxing), or applying makeup for special occasions. Many cosmetologists offer a variety of these services, whereas others have a specific niche, like hairstyling.

During cosmetology school, it’s common to take lessons in a handful of different specialties. That way, students can gain better insight into which areas of cosmetology they are most passionate about and most skilled at.

In terms of training, states often require a certain number of hours of training and passing written and practical examinations. For instance, in New York, you need 1,000 hours of training. You might study at a private cosmetology school (cosmetology school loans may be available) or find an associate’s degree program.

Also, it’s a good idea to note that your area of specialization can impact your earning potential as a cosmetologist, as can your location. In New York City, with its high cost of living and pay grade, one study found the average salary to be more than $70,000 per year. That could mean that those in major cities, with superior skills and experience and a loyal following, could even earn $100,000 per year.

Lastly, it’s important to recognize that cosmetology typically involves lots of interaction with clients. For this reason, it may not be the best job for antisocial people.


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How Much Do Starting Cosmetologists Make a Year?

When they are working with entry-level experience, cosmetologists can expect to earn less than those with many years of fieldwork under their belt.

When it comes to starting wages, cosmetologists can expect to earn a median hourly wage of $10.48 (this is the lowest 10% of earners) but may see that amount rise significantly over time. The top 10% of earners in this field make more than $28.88 per hour.

For example, a celebrity makeup artist can make very competitive pay, but they also tend to be extremely skilled and experienced.

What is the Average Salary for a Cosmetologist?

The amount of money someone stands to earn as a cosmetologist can vary significantly depending on the services they offer, their experience level, and where they live. How much money does a cosmetologist make per year? The median annual salary is $33,400.

It’s important to note that an annual salary is not a guarantee as a cosmetologist as many work part-time. In terms of how much a cosmetologist makes an hour, the median hourly wage for a cosmetologist is $16.06.

These medians give prospective cosmetologists an idea of how much they stand to make if they choose to pursue this career path, but they can get an even clearer picture once they learn what the average salary by state is for their location. Here, you’ll find these figures arranged from highest to lowest.

What is the Average Cosmetologist Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
New York	$48,025	$4,002	$923	$23.09
Vermont	$47,198	$3,933	$907	$22.69
California	$46,356	$3,863	$891	$22.29
Maine	$45,017	$3,751	$865	$21.64
Idaho/td>	$44,534	$3,711	$856	$21.41
Washington	$44,187	$3,682	$849	$21.24
Pennsylvania	$43,983	$3,665	$845	$21.15
Massachusetts	$43,445	$3,620	$835	$20.89
Alaska	$43,170	$3,597	$830	$20.76
New Jersey	$43,011	$3,584	$827	$20.68
New Hampshire	$42,908	$3,575	$825	$20.63
Oregon	$42,677	$3,556	$820	$20.52
North Dakota	$42,635	$3,552	$819	$20.50
Wisconsin	$42,362	$3,530	$814	$20.37
Wyoming	$41,983	$3,498	$807	$20.18
Hawaii	$41,826	$3,485	$804	$20.11
Colorado	$41,600	$3,466	$800	$20.00
Indiana	$41,247	$3,437	$793	$19.83
Nevada	$40,819	$3,401	$784	$19.62
New Mexico	$40,705	$3,392	$782	$19.57
Minnesota	$40,649	$3,387	$781	$19.54
Arizona	$40,394	$3,366	$776	$19.42
South Dakota	$40,294	$3,357	$774	$19.37
Montana	$39,786	$3,315	$765	$19.13
Ohio	$39,590	$3,299	$761	$19.03
Rhode Island	$39,530	$3,294	$760	$19.01
Delaware	$39,456	$3,288	$758	$18.97
Alabama	$39,289	$3,274	$755	$18.89
Virginia	$39,028	$3,252	$750	$18.76
Connecticut	$38,758	$3,229	$745	$18.63
Iowa	$38,685	$3,223	$743	$18.60
Illinois	$38,391	$3,199	$738	$18.46
Mississippi	$38,340	$3,195	$737	$18.43
Maryland	$38,247	$3,187	$735	$18.39
Tennessee	$37,798	$3,149	$726	$18.17
Utah	$37,700	$3,141	$725	$18.13
Nebraska	$37,533	$3,127	$721	$18.04
Missouri	$37,031	$3,085	$712	$17.80
South Carolina	$36,656	$3,054	$704	$17.62
Georgia	$36,600	$3,050	$703	$17.60
Oklahoma	$36,348	$3,029	$699	$17.48
Texas	$36,300	$3,025	$698	$17.45
Kansas	$36,094	$3,007	$694	$17.35
North Carolina	$35,899	$2,991	$690	$17.26
Louisiana	$35,490	$2,957	$682	$17.06
Kentucky	$34,483	$2,873	$663	$16.58
Michigan	$34,470	$2,872	$662	$16.57
West Virginia	$33,968	$2,830	$653	$16.33
Arkansas	$32,760	$2,730	$630	$15.75
Florida	$32,391	$2,699	$622	$15.57

Source: ZipRecruiter

Cosmetologist Job Considerations for Pay & Benefits

Even if they work full-time, many cosmetologists are self-employed and rent a chair or workspace at the salon they work in. Because most cosmetologists are not full-time employees of someone else’s business, they typically don’t receive employer-sponsored benefits like health coverage or a 401(k) match. That means they also won’t receive a paycheck when they take time off. To help offset the loss of benefits, cosmetologists need to set their rates to account for not just the amount of money they need to cover living expenses, but so they earn enough to afford benefits as well.

Some cosmetologists, however, will find full-time work. Examples of these career paths could be working as a cosmetology instructor or being a staffer at a resort’s spa.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Cosmetologist Salary

One of the main benefits of a cosmetologist’s salary is that expensive schooling isn’t required to start this career. While completing a state-approved cosmetology program is typically required, this education path is usually much faster and less expensive than pursuing a four-year degree. This means many cosmetologists can avoid taking out expensive student loans with monthly payments that can eat into their paychecks.

However, there is no denying that the average cosmetologist salary is below the national average for all incomes combined.

The Takeaway

Working as a cosmetologist leads to a median annual salary of $33,400. With hard work and strong skills, cosmetologists can expect to make more money down the road, especially if they work in certain markets. Also, since many cosmetologists work for themselves, they can gradually increase their rates as they build their client base and reputation.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a cosmetologist?

It is possible to earn $100,000 or more a year as a cosmetologist. However, it will take time to build up a client base or find a position that will pay high enough rates to build a six-figure salary.

Do people like being a cosmetologist?

It’s very common to pursue cosmetology as a career because of a passion for hair care, skincare, makeup, or nail care. This can be a really fun and rewarding career path for anyone whose passions align with the services they offer. However, if someone is an introvert, even if they love cosmetology, they may find a full day of social interaction to be too draining.

Is it hard to get hired as a cosmetologist?

There are currently 89,400 job openings projected annually for cosmetologists between now and 2032, and there is an anticipated 8% growth of openings during that time, which exceeds the national average.

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Photo credit: iStock/Renata Angerami

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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The median annual salary for detectives is $52,120 for the most recent year reviewed, according to the Bureau of Labor Statistics.

This can be an exciting career for many people. Is there anything quite as satisfying as solving a big mystery? For anyone who is passionate about putting the puzzle pieces together until they discover the truth, working as a detective could be a dream job.

Read on to learn more about this career path. In addition to how much a detective makes a year, you can find out about the responsibilities and benefits involved.

What Are Detectives?

Working as a private detective involves searching and piecing together financial, legal, and personal matters to help get to the root of an unanswered question. For example, private detectives can help find missing persons or investigate cybercrimes. Here’s a quick breakdown of some common on-the-job responsibilities that detectives tackle on a daily basis:

•   Conduct interviews to help collect information

•   Pursue evidence

•   Review civil judgments and criminal history

•   Plan and execute surveillance

•   Search records (court, public, and online).

Some private detectives work for themselves and offer their services to a variety of clients, whereas others work for businesses, like law firms.

Regardless of where one works, being a detective can involve a good number of interviews and interpersonal interaction. For this reason, it may not be a good job for antisocial people.


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How Much Do Starting Detectives Make a Year?

In the early days of their career, detectives can expect to earn less until they gain more experience and a strong reputation for their sleuthing skills. When it comes to entry-level detective work, competitive pay can be fairly low. The lowest 10% of detective earners made less than $33,710 per year.

However, there is considerable room for improvement when it comes to salary for this role. The highest 10% earn more than $92,660 annually. This indicates that it can be possible to earn $100,000 per year as a detective.

Recommended: Work-at-Home Jobs for Retirees

What is the Average Salary for a Detective?

Some detectives earn an annual salary (a median of $52,120), but others earn an hourly wage. How much does a detective make an hour? The median hourly wage is $25.06.

How much someone earns on average working as a detective can vary based on where they live and the industry they work in. When it comes to working in different industries, these are the median annual wages for detectives in a few different industries for the most recent year available:

•   Government: $64,220

•   Professional, scientific, and technical services: $61,280

•   Investigation, guard, and armored car services: $47,280

•   Retail trade: $37,290

The state someone works in also plays a big role in their earning potential. The following table highlights how average detective wages can vary by state, with salaries listed from highest to lowest.

What is the Average Detective Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
Wisconsin	$68,202	$5,683	$1,311	$32.79
Alaska	$66,013	$5,501	$1,269	$31.74
Massachusetts	$65,834	$5,486	$1,266	$31.65
Oregon	$65,791	$5,482	$1,265	$31.63
New Mexico	$65,593	$5,466	$1,261	$31.54
North Dakota	$65,592	$5,466	$1,261	$31.53
Washington	$65,380	$5,448	$1,257	$31.43
Minnesota	$64,657	$5,388	$1,243	$31.09
Hawaii	$64,277	$5,356	$1,236	$30.90
Ohio	$63,203	$5,266	$1,215	$30.39
Colorado	$62,621	$5,218	$1,204	$30.11
Nevada	$62,417	$5,201	$1,200	$30.01
South Dakota	$61,992	$5,166	$1,192	$29.80
New York	$61,597	$5,133	$1,184	$29.61
Iowa	$61,016	$5,084	$1,173	$29.33
Rhode Island	$60,938	$5,078	$1,171	$29.30
Connecticut	$60,392	$5,032	$1,161	$29.03
Tennessee	$60,347	$5,028	$1,160	$29.01
Vermont	$60,038	$5,003	$1,154	$28.86
Utah	$59,824	$4,985	$1,150	$28.76
Mississippi	$59,304	$4,942	$1,140	$28.51
Delaware	$59,138	$4,928	$1,137	$28.43
Virginia	$58,393	$4,866	$1,122	$28.07
Illinois	$57,890	$4,824	$1,113	$27.83
Maryland	$57,300	$4,775	$1,101	$27.55
New Jersey	$56,643	$4,720	$1,089	$27.23
California	$56,576	$4,714	$1,088	$27.20
Louisiana	$56,450	$4,704	$1,085	$27.14
Pennsylvania	$56,431	$4,702	$1,085	$27.13
Nebraska	$56,157	$4,679	$1,079	$27.00
Kansas	$55,812	$4,651	$1,073	$26.83
Missouri	$55,599	$4,633	$1,069	$26.73
Maine	$55,350	$4,612	$1,064	$26.61
South Carolina	$55,077	$4,589	$1,059	$26.48
New Hampshire	$54,828	$4,569	$1,054	$26.36
Oklahoma	$54,383	$4,531	$1,045	$26.15
Idaho	$54,051	$4,504	$1,039	$25.99
Wyoming	$54,049	$4,504	$1,039	$25.99
North Carolina	$53,940	$4,495	$1,037	$25.93
Texas	$53,624	$4,468	$1,031	$25.78
Indiana	$53,401	$4,450	$1,026	$25.67
Arizona	$52,297	$4,358	$1,005	$25.14
Kentucky	$52,131	$4,344	$1,002	$25.06
Michigan	$51,864	$4,322	$997	$24.94
Montana	$51,509	$4,292	$990	$24.76
Alabama	$50,866	$4,238	$978	$24.46
Arkansas	$49,398	$4,116	$949	$23.75
Georgia	$47,386	$3,948	$911	$22.78
West Virginia	$43,583	$3,631	$838	$20.95
Florida	$41,937	$3,494	$806	$20.16

Source: ZipRecruiter

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Detective Job Considerations for Pay & Benefits

Detectives who work for businesses such as large corporations or law firms on a full-time basis often receive employer-sponsored benefits as a part of their compensation package. These benefits can include paid time off, retirement accounts with employer contribution matches, and health insurance.

However, many detectives work on a part-time basis or are self-employed and then are on the hook for supplying their own benefits which can be quite expensive.

Recommended: The Highest Paying Jobs in the US

Pros and Cons of Detective Salary

Detectives can earn a very good salary, and the work can be very interesting.

However, the tradeoff may not be worth it for some. Working as a detective often involves long and varied hours due to the nature of their work — especially when they are conducting surveillance. Some people may find that working on weekends, nights, or holidays isn’t worth the salary. It simply may not align with their career goals and the desired work-life balance.

The Takeaway

Skilled detectives stand to earn a lot of money (close to six figures) as they work their way up in their industry. This can be a very exciting, but also extremely demanding role.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

Can you make 100k a year as a detective?

It is possible to make $100,000 a year or more as a detective. The top 10% of earners in this field make $92,660 or more per year. As a detective gains years of experience and improves their skills, they can expect to earn more competitive pay.

Do people like being a detective?

Many people pursue a career as a detective because they are passionate about the work they do and enjoy a lot of satisfaction from their job. It’s worth noting that this job can require a lot of personal interactions and may not be the best fit for anyone who is antisocial.

Is it hard to get hired as a detective?

Getting hired as a detective can be competitive, but there is currently anticipated to be 3,800 openings for private detectives each year until 2032. There is also a projected 6% growth in employment opportunities, so someone with the right qualifications should be able to find a job in this field.

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Photo credit: Andrii Lysenko

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Currently, the median annual salary for a welder is $47,540, according to the Bureau of Labor Statistics.

If someone is on the hunt for a truly hands-on career and gets satisfaction from building or repairing things, they may find they enjoy working as a welder. However, this can be a physically demanding and potentially dangerous career choice. To better understand what this role entails and what welders earn, read on.

What Are Welders?

A welder is a highly-skilled professional who uses specialized equipment to cut or join metal parts, as well as make other changes to metal products like filling holes. Many welders specialize in certain techniques and processes, but the core of what they do involves applying heat to metal pieces so they can then melt and fuse them together permanently. Typical job responsibilities of welders include:

•   Scrutinize structures or materials slated for welding

•   Understand and analyze blueprints, sketches, and specifications

•   Supervise the welding process, making heat adjustments as required

•   Determine and measure the dimensions of components for welding

•   Execute welding tasks in accordance with blueprint specifications

•   Manage and maintain equipment and machinery.

Training to be a welder typically involves training at a vocational school, which can take between six months and two years, in part depending on one’s desired specialization. Usually, a welder does not need a college degree.

Additionally, it’s worth noting that welding can be a good career for introverts. While there is some teamwork and/or client contact involved, much of the job involves working solo with one’s tools.


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How Much Do Starting Welders Make a Year?

If someone is new to the field of welding, they can expect to earn less as an entry-level welder compared to their more experienced counterparts. In terms of how a welder makes an hour, the lowest 10% of earners in this role make less than $35,380.

That being said, there is a lot of room for salary growth in this role. The highest 10% earned more than $68,750. While not common, it is possible that a welder with experience and specialization could earn $100,000 per year in a job market where there is a high cost of living and consequently higher-than-average pay.

Recommended: Best Entry-Level Jobs for Antisocial People

What is the Average Salary for a Welder?

What the average salary looks like for a welder can depend a lot on where they live. For example, while New York welders earn the most on average ($54,046), Arkansas welders earn almost $10,000 less per year ($35,598). The following table compares how much welders earn on average on a monthly, weekly, annual, and hourly basis in each state, arranged from highest to lowest.

What is the Average Welder Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
New York	$54,046	$4,503	$1,039	$25.98
Vermont	$53,304	$4,442	$1,025	$25.63
Pennsylvania	$49,492	$4,124	$951	$23.79
New Hampshire	$48,368	$4,030	$930	$23.25
New Jersey	$47,846	$3,987	$920	$23.00
Washington	$47,742	$3,978	$918	$22.95
Massachusetts	$47,279	$3,939	$909	$22.73
Wyoming	$47,171	$3,930	$907	$22.68
Alaska	$47,110	$3,925	$905	$22.65
Wisconsin	$46,976	$3,914	$903	$22.59
Oregon	$46,688	$3,890	$897	$22.45
North Dakota	$46,613	$3,884	$896	$22.41
Indiana	$46,231	$3,852	$889	$22.23
Hawaii	$45,712	$3,809	$879	$21.98
Arizona	$45,276	$3,773	$870	$21.77
Colorado	$45,180	$3,765	$868	$21.72
New Mexico	$45,152	$3,762	$868	$21.71
Minnesota	$44,904	$3,742	$863	$21.59
Montana	$44,593	$3,716	$857	$21.44
Nevada	$44,544	$3,712	$856	$21.42
South Dakota	$44,055	$3,671	$847	$21.18
Alabama	$44,036	$3,669	$846	$21.17
Ohio	$43,785	$3,648	$842	$21.05
Rhode Island	$43,245	$3,603	$831	$20.79
Delaware	$42,795	$3,566	$822	$20.57
Iowa	$42,621	$3,551	$819	$20.49
Connecticut	$42,541	$3,545	$818	$20.45
Virginia	$42,308	$3,525	$813	$20.34
Mississippi	$41,987	$3,498	$807	$20.19
Tennessee	$41,804	$3,483	$803	$20.10
Illinois	$41,717	$3,476	$802	$20.06
Utah	$41,617	$3,468	$800	$20.01
Maryland	$41,478	$3,456	$797	$19.94
California	$41,424	$3,452	$796	$19.92
Georgia	$41,022	$3,418	$788	$19.72
Nebraska	$40,688	$3,390	$782	$19.56
Maine	$40,571	$3,380	$780	$19.51
Missouri	$40,186	$3,348	$772	$19.32
South Carolina	$39,789	$3,315	$765	$19.13
Idaho	$39,544	$3,295	$760	$19.01
Kansas	$39,523	$3,293	$760	$19.00
Oklahoma	$39,404	$3,283	$757	$18.94
Louisiana	$39,205	$3,267	$753	$18.85
Texas	$39,201	$3,266	$753	$18.85
North Carolina	$38,967	$3,247	$749	$18.73
West Virginia	$38,223	$3,185	$735	$18.38
Kentucky	$37,499	$3,124	$721	$18.03
Michigan	$37,431	$3,119	$719	$18.00
Florida	$36,305	$3,025	$698	$17.45
Arkansas	$35,598	$2,966	$684	$17.11

Source: ZipRecruiter

Recommended: What Are the Highest-Paying Jobs in the US?

Welder Job Considerations for Pay & Benefits

What someone’s pay and benefits look like as a welder depends a lot on if they choose to work full-time or part-time. Full-time welders who are employed by businesses can expect to gain access to traditional employer-sponsored benefits like retirement accounts, paid time off, and healthcare.

However, if someone only works part-time as a welder or is self-employed, they likely won’t receive any benefits and will have to pursue things like opening retirement accounts and sourcing healthcare coverage on their own.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Welder Salary

Because welders don’t need a college degree — only technical and on-the-job training — they can save a lot of money on education expenses. Not having to worry about student loan payments each month can help their salaries stretch a lot further, which can be a major advantage of this career path.

On the other hand, this salary can come at a steep cost. Welding can be a very physical and therefore exhausting career. Welders expose themselves to many on-the-job hazards that can lead to injury, such as breathing in fumes and handling extremely hot materials. There are safety procedures in place to offset these risks, but there is still a certain level of risk they can’t avoid.

Recommended: What Is Competitive Pay?

The Takeaway

Working as a welder can lead to a median annual salary of $47,540, and an expensive degree isn’t required to work in this role. There is also the potential to earn a higher salary as welders gain experience (the top 10% earn more than $68,750) in this field. However, it can be tiring and potentially hazardous work.

See exactly how your money comes and goes at a glance.

FAQ

Can you make 100k a year as a welder?

It’s not impossible to make $100,000 or more a year as a welder — the top 10% of earners in this field make more than $68,750. However, it may take many years of experience to earn top pay. Welders who are self-employed may find it easier to charge higher rates for their work.

Do people like being a welder?

Many people enjoy working as a welder, especially people who consider themselves an introvert. Working as a welder requires a lot of independent work, which can be a great fit for those who get overwhelmed by too much social interaction during the workday.

Is it hard to get hired as a welder?

If someone wants to get hired as a welder or in a similar role, they should be able to find employment if they have the right skills and education. There are an anticipated average of 42,600 job opportunities for welders, cutters, solderers, and brazers expected between now and 2032.

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Photo credit: iStock/simonkr

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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The median pay for medical assistants is $38,270 annually for the most recent year studied, according to the Bureau of Labor Statistics.

If someone is very social and passionate about the medical field, they may find they really enjoy working as a medical assistant. Patient care will be one of their main responsibilities, but it’s not necessary to attend medical school to work in this role, which can mean a significant reduction in student debt. To better understand what the role of a physician assistant entails and how salary can vary by location and experience, keep reading.

What Are Medical Assistants?

What a medical assistant does on a daily basis depends on their specialty. While some medical assistants specialize in clinical tasks, others focus on administrative functions. Specializations may also align with specific medical practices, such as assisting ophthalmologists in educating patients about contact lens care.

These are some common tasks that medical assistants may tackle on a daily basis:

•   Interview patients

•   Record patient medical history

•   Measure vital signs

•   Assist physicians during examinations

•   Administer injections or medications as directed by physicians and state law

•   Conduct basic laboratory tests

•   Schedule patient appointments

•   Managing medical records

•   Handle insurance-related tasks

•   Maintain inventory.

Given how much of one’s time at work can be spent interacting with patients and other members of the medical team, the role of a physician’s assistant probably is not a great fit as a job for introverts.

Another aspect of this role to consider is that training for a medical assistant career often involves one to two years of study to receive an associate’s degree or certificate. This can be a more affordable option for a medical job than one that requires additional training.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Medical Assistants Make a Year?

As briefly noted earlier, the median annual wage for medical assistants is $38,270. However, when someone is working as an entry-level medical assistant, they can expect their salary to be on the lower side. The lowest 10% of earners in this role earn less than $30,390.

However, the highest 10% earn more than $51,710. While that is significantly higher than the average, it does reveal that it may not be easy to earn $100,000 annually as a medical assistant.

For those looking to earn more as a medical assistant, it’s always a good idea to interview with a few different medical practices or facilities to see which employer can offer the most competitive pay.

What is the Average Salary for a Medical Assistant?

The average annual salary that a medical assistant earns varies a lot depending on what state they work in. This difference in wages can be substantial. For example, on average medical assistants in New Jersey earn $15,136 more than their West Virginia counterparts.

The following table illustrates how much their salary and hourly wages can vary by state, arranged from highest to lowest figures.

What is the Average Medical Assistant Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
New Jersey	$43,978	$3,664	$845	$21.14
Wyoming	$43,660	$3,638	$839	$20.99
Wisconsin	$43,084	$3,590	$828	$20.71
Washington	$42,976	$3,581	$826	$20.66
Massachusetts	$42,784	$3,565	$822	$20.57
Indiana	$42,718	$3,559	$821	$20.54
Alaska	$42,716	$3,559	$821	$20.54
Oregon	$42,410	$3,534	$815	$20.39
North Dakota	$42,322	$3,526	$813	$20.35
Arizona	$41,834	$3,486	$804	$20.11
Hawaii	$41,495	$3,457	$797	$19.95
New Mexico	$41,419	$3,451	$796	$19.91
Montana	$41,204	$3,433	$792	$19.81
Minnesota	$41,073	$3,422	$789	$19.75
Colorado	$40,824	$3,402	$785	$19.63
New York	$40,763	$3,396	$783	$19.60
Alabama	$40,689	$3,390	$782	$19.56
Nevada	$40,389	$3,365	$776	$19.42
Ohio	$40,082	$3,340	$770	$19.27
South Dakota	$39,999	$3,333	$769	$19.23
Vermont	$39,700	$3,308	$763	$19.09
Rhode Island	$39,281	$3,273	$755	$18.89
Iowa	$38,912	$3,242	$748	$18.71
Connecticut	$38,734	$3,227	$744	$18.62
Delaware	$38,634	$3,219	$742	$18.57
Tennessee	$38,269	$3,189	$735	$18.40
Virginia	$38,179	$3,181	$734	$18.36
Mississippi	$38,167	$3,180	$733	$18.35
Utah	$38,046	$3,170	$731	$18.29
Georgia	$37,905	$3,158	$728	$18.22
Illinois	$37,709	$3,142	$725	$18.13
Maryland	$37,440	$3,120	$720	$18.00
Pennsylvania	$37,345	$3,112	$718	$17.95
California	$37,258	$3,104	$716	$17.91
Nebraska	$36,716	$3,059	$706	$17.65
Maine	$36,477	$3,039	$701	$17.54
Missouri	$36,291	$3,024	$697	$17.45
New Hampshire	$36,270	$3,022	$697	$17.44
South Carolina	$35,937	$2,994	$691	$17.28
Kansas	$35,925	$2,993	$690	$17.27
Louisiana	$35,860	$2,988	$689	$17.24
Idaho	$35,575	$2,964	$684	$17.10
Oklahoma	$35,557	$2,963	$683	$17.09
Texas	$35,275	$2,939	$678	$16.96
North Carolina	$35,196	$2,933	$676	$16.92
Kentucky	$33,916	$2,826	$652	$16.31
Michigan	$33,819	$2,818	$650	$16.26
Florida	$33,545	$2,795	$645	$16.13
Arkansas	$32,178	$2,681	$618	$15.47
West Virginia	$28,842	$2,403	$554	$13.87

Source: ZipRecruiter

Medical Assistant Job Considerations for Pay & Benefits

Many medical assistants work in full-time positions, which can qualify them for employee benefits, such as:

•   Health insurance

•   Employer-sponsored retirement plans

•   Paid time off.

That being said, if someone only works part-time, they may not qualify for any benefits.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Medical Assistant Salary

One of the main advantages of a medical assistant salary is that it isn’t canceled out by expensive student loan debt payments each month. Having a bachelor’s or graduate school degree is not necessary to work as a medical assistant.

In many cases, a postsecondary certificate is required, but sometimes only a high school diploma and on-the-job training is required.

Also, except for those who are looking for a job for antisocial people, a medical assistant career can involve plenty of satisfying social interaction. It can also be a good choice for those who like to know they are helping to enhance others’ quality of life.

The Takeaway

Working as a medical assistant can be a great way to work in the medical field without having to pursue many years of higher education. This is also a very stable career field to enter, as the employment outlook for medical assistants indicates a projected growth of 14% from 2022 to 2032, which surpasses the average rate of expansion for all occupations.

See exactly how your money comes and goes at a glance.

FAQ

Can you make 100k a year as a medical assistant?

In most cases, it is not possible to earn more than $100,000 a year. The median annual salary for this role is $38,270 per year. That being said, it is possible to earn more than that if the medical assistant has many years of experience under their belt.

Do people like being a medical assistant?

Many people enjoy working as a medical assistant, especially if they are passionate about patient care. However, this role is not a good fit for those who are antisocial or would call themselves an introvert, as it can require interacting with a lot of different people on a daily basis.

Is it hard to get hired as a medical assistant?

Getting hired as a medical assistant isn’t too challenging as this role doesn’t require much-specialized schooling. It’s also a very in-demand field — on average, there is an anticipation of around 114,600 job openings annually for medical assistants.

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Photo credit: iStock/FG Trade Latin

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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The monthly payments on a $400,000 mortgage could range from about $2,300 to more than $3,700, depending on the loan’s interest rate, term, and other factors. But hopeful homebuyers would be wise to consider how much that mortgage could cost over time as well as what the monthly payments might be. Read on for a breakdown of what some of your home-buying costs might be, and how they could affect the total cost of a $400,000 mortgage.

What Will a $400,000 Mortgage Cost?

There are several different costs you may run into when taking out a mortgage. Most of the time, they can be divided into three main categories.

Closing Costs

Closing costs are expenses you’ll pay upfront when you get a loan. They can include things like loan processing fees, third-party services such as appraisals and title insurance, and government fees and taxes. You also may decide to pay mortgage points (also called discount points) upfront on your loan to lower the interest rate. Closing costs can vary significantly from one loan type and lender to the next, but they generally range from 3% to 6% of the mortgage amount.

Monthly Payments

Monthly mortgage payments, which are paid over the life of your loan, typically include two main parts:

•   Principal: This portion of your mortgage payment goes directly toward paying back the amount you borrowed.

•   Interest: This is the fee the lender will charge you for borrowing money. The amount of interest you pay each month will be calculated by multiplying your interest rate by your remaining loan balance.

Escrow

Some homebuyers may also have a third amount, called escrow, included in their closing costs and/or monthly payments. Lenders often collect and hold money in an escrow account so they can be sure critical bills like homeowners insurance and property taxes are paid on time. (Curious about the most budget-friendly places to buy? Check out this list of the most affordable cities in each state.)


💡 Quick Tip: SoFi’s Lock and Look ⁺ feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

What Would the Payment Be on a $400,000 Mortgage?

We’ll keep things simple and eliminate the costs associated with an escrow account to calculate what the payment on a $400,000 mortgage’s monthly payments might be.

Let’s say you wanted to purchase a home for $500,000, and you had $100,000 for a down payment. If your lender offered you a 7% annual percentage rate (APR) on a 15-year loan for $400,000, you could expect your monthly payment — principal and interest — to be about $3,595. If you had a 30-year loan with a 7% APR, your payment could be about $2,661.

Here are some more examples that show the difference between a 15-year loan vs. a 30-year loan, using SoFi’s Mortgage Calculator:

APR	Payment with 15-year Loan	Payment with 30-year Loan
5.5%	$3,268	$2,271
6.5%	$3,484	$2,528
7.5%	$3,708	$2,796

Where Can You Get a $400,000 Mortgage?

Homebuyers may have a few different options when deciding where to go for a mortgage, including online banks and lenders, and traditional banks and credit unions. Because the rates and terms lenders offer may vary, it can be a good idea to shop around for a mortgage that’s the right fit for your individual needs.

Before you start looking for quotes, though, you may want to sit down and review the different types of mortgages you can qualify for. How would a 15-, 20-, or 30-year mortgage affect your monthly payments? Are you looking for a fixed or adjustable mortgage rate? Would you be better off with a conventional mortgage or a government-backed loan? (Some loans may have more flexible requirements for down payment amounts or a borrower’s credit score.)

Once you start comparison shopping, you can note the pros and cons of various offers and narrow down your choices. You also may want to read some online reviews of the lenders you’re considering.

Recommended: 2024 Home Loan Help Center

How Much Interest Will You Pay on a $400,000 Mortgage?

The interest rate your lender offers can make a big difference to the overall cost of your mortgage. So can the mortgage term you choose.

On a $400,000 mortgage at a 7% APR, for example, your total interest costs could range from $247,156 to $558,036, depending on the length of the loan you choose (15 vs. 30 years).

Spreading out your mortgage payments over a longer term can lower your monthly payment, but you can expect to pay more for the loan overall. Your financial circumstances at the time you take out your loan may dictate which is a priority for you. (If you go for a longer loan, and your situation changes, you may decide to refinance your home mortgage to a shorter term down the road.)


💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

How Does Amortization Work on a $400,000 Mortgage?

Though your payment will remain the same every month (if you have a fixed-rate loan), the amount you’ll pay toward interest vs. principal will change over the life of your home loan. In the first years, the majority of your payment will go toward interest. But as your balance goes down, more of your payment will go toward principal.

Your lender can provide you with a mortgage amortization schedule that shows you how the proportions will change as you make payments on your loan.

Here’s what the amortization schedules for a $400,000 mortgage with 30- and 15-year terms might look like. (Keep in mind that your payments may include other costs besides principal and interest.)

Amortization Schedule, 30-Year Loan at 7% APR

Year	Amount Paid	Interest Paid	Principal Paid	Remaining Balance
1	$31,934.52	$27,871.28	$4,063.24	$395,936.76
2	$31,934.52	$27,577.55	$4,356.97	$391,579.79
3	$31,934.52	$27,262.58	$4,671.94	$386,907.85
4	$31,934.52	$26,924.85	$5,009.67	$381,898.18
5	$31,934.52	$26,562.70	$5,371.82	$376,526.36
6	$31,934.52	$26,174.37	$5,760.15	$370,766.21
7	$31,934.52	$25,757.97	$6,176.55	$364,589.66
8	$31,934.52	$25,311.46	$6,623.06	$357,966.60
9	$31,934.52	$24,832.68	$7,101.84	$350,864.76
10	$31,934.52	$24,319.29	$7,615.23	$343,249.53
11	$31,934.52	$23,768.78	$8,165.74	$335,083.80
12	$31,934.52	$23,178.48	$8,756.04	$326,327.76
13	$31,934.52	$22,545.51	$9,389.01	$316.938.75
14	$31,934.52	$21,866.78	$10,067.74	$306,871.01
15	$31,934.52	$21,138.98	$10,795.54	$296,075.46
16	$31,934.52	$20,358.57	$11,575.95	$284,499.51
17	$31,934.52	$19,521.74	$12,412.78	$272,086.73
18	$31,934.52	$18,624.42	$13,310.10	$258,776.63
19	$31,934.52	$17,662.23	$14,272.29	$244,504.35
20	$31,934.52	$16,630.49	$15,304.03	$229,200.31
21	$31,934.52	$15,524.16	$16,410.36	$212,789.95
22	$31,934.52	$14,337.85	$17,596.67	$195,193.28
23	$31,934.52	$13,065.79	$18,868.73	$176,324.55
24	$31,934.52	$11,701.76	$20,232.76	$156,091.79
25	$31,934.52	$10,239.14	$21,695.38	$134,396.41
26	$31,934.52	$8,670.78	$23,263.74	$111,132.66
27	$31,934.52	$6,989.04	$24,945.48	$86,187.18
28	$31,934.52	$5,185.73	$26,748.79	$59,438.39
29	$31,934.52	$3,252.05	$28,682.47	$30,755.92
30	$31,934.52	$30,755.92	$1,178.60	$0

Amortization Schedule, 15-Year Loan at 7% APR

Year	Amount Paid	Interest Paid	Principal Paid	Remaining Balance
1	$43,143.76	$27,504.57	$15,639.19	$384,360.81
2	$43,143.76	$26,374.01	$16,769.75	$367,591.06
3	$43,143.76	$25,161.72	$17,982.04	$349,609.02
4	$43,143.76	$23,861.80	$19,281.96	$330,327.06
5	$43,143.76	$22,467.90	$20,675.85	$309,651.21
6	$43,143.76	$20,973.24	$22,170.51	$287,480.69
7	$43,143.76	$19,370.54	$23,773.22	$263,707.47
8	$43,143.76	$17,651.97	$25,491.79	$238,215.68
9	$43,143.76	$15,809.16	$27,334.59	$210,881.09
10	$43,143.76	$13,833.14	$29,310.61	$181,570.48
11	$43,143.76	$11,714.28	$31,429.48	$150,141.00
12	$43,143.76	$9,442.24	$33,701.52	$116,439.48
13	$43,143.76	$7,005.95	$36,137.80	$80,301.67
14	$43,143.76	$4,393.55	$38,750.21	$41,551.47
15	$43,143.76	$1,592.29	$41,551.47	$0

How to Get a $400,000 Mortgage

If you’re feeling intimidated by the whole home-buying process, breaking it down into some manageable steps may make things a little less overwhelming.

First, Determine What You Can Afford

Reviewing your income, debts, monthly spending, and how much you’ve saved for a down payment can be a good place to start. This will help you decide how much of a down payment you can handle and how much house you can afford.

Compare Different Loans and Lenders

Once you know what you can afford, you can start looking for the loan type, interest rate, loan term, and lender that meet your needs.

Consider Getting Preapproved

If you’ve decided on a loan and lender, it can be a good idea to go through the preapproval process. Getting a letter from your lender that says you’re preapproved for a certain loan amount lets sellers know you’re a serious buyer. (And it can come in handy if you get into a bidding war for your dream home.)

Get Ready to Go House Hunting

When you have your loan lined up, you can look for and potentially make an offer on a house. And since you already know how much you can afford, you can target homes in that range.

Submit a Full Mortgage Application

Once your offer is accepted and you’re ready to move forward, your lender will ask you to complete a more formal loan application and provide additional financial information and documentation.

Prepare for Closing

While you’re waiting for a final loan approval and a closing date, you can shop for homeowners insurance, get a home inspection, and make sure you have all the money you need for your down payment and closing costs.

Take Ownership of Your New Home

At the closing you can sign all the necessary paperwork, hand over the funds needed to make the purchase, and — congratulations! — get the keys to your new home.

Recommended: First-Time Homebuyer Guide

The Takeaway

Researching the different costs you might have to pay if you plan to take out a $400,000 mortgage can help you stick to your budget and avoid unpleasant surprises.

The choices you make about the type of loan you get, the interest rate, loan term, and other costs, will all play part in how much you pay every month — and over the length of the loan. So it can be a good idea to run the numbers before you decide on a particular lender or loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much is a $400,000 mortgage a month?

The monthly payment for a $400,000 mortgage could range from about $2,300 to more than $3,700, depending on several factors, including the interest rate and loan term.

How much income is required for a $400,000 mortgage?

Lenders will look at several factors besides your income to determine if you can afford a $400,000 mortgage. You can expect to be asked about your debt, credit history, assets, and the down payment you plan to make.

How much is a down payment on a $400,000 mortgage?

Your down payment may vary depending on the price of the house you choose, the type of loan you get, and if you want to avoid paying private mortgage insurance as part of your borrowing costs. Traditionally, lenders like to see a 20% down payment, which on a $500,000 home would be a $100,000 down payment and a $400,000 mortgage. But many lenders accept lower down payments.

Can I afford a $400,000 mortgage with a $70,000 salary?

Since your housing costs (monthly payments, insurance, etc.) would likely be more than half your monthly salary, it could be a challenge to afford a $400,000 mortgage on a $70,000 salary.

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Photo credit: iStock/svetikd

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

⁺Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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