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Earning a salary of $85,000 can provide a good living for a single person — even one who has dependents. Of course, how far the money can go depends on where you live, your lifestyle, spending habits, and any financial obligations you may have.

Here’s a closer look at where you fall into the big picture if your annual salary is $85,000.

Is $85K a Good Salary?

If you’re making $85,000 a year before taxes, you’re earning nearly $20,000 more than the average annual U.S. salary of $65,470, according to May 2023 figures from the U.S. Bureau of Labor Statistics (BLS).

For new grads, earning $85K annually is a high-paying entry-level salary and a great jumping off point to earning even more in the not-so-distant future, if that’s your goal.

Median Income in the US by State in 2024

The following chart shows the median income per state for a single-person household, according to figures from the U.S. Census Bureau. As you’ll see below, in many states, a salary of $85,000 puts you in a position where you’re earning more than the typical household:

State	Median Household Income
Alabama	$59,609
Alaska	$86,370
Arizona	$72,581
Arkansas	$56,335
California	$91,905
Colorado	$87,598
Connecticut	$90,213
Delaware	$79,325
Florida	$67,917
Georgia	$71,355
Hawaii	$94,814
Idaho	$70,214
Illinois	$78,433
Indiana	$67,173
Iowa	$70,571
Kansas	$69,747
Kentucky	$60,183
Louisiana	$57,852
Maine	$68,251
Maryland	$98,461
Massachusetts	$96,505
Michigan	$68,505
Minnesota	$84,313
Mississippi	$52,985
Missouri	$65,920
Montana	$66,341
Nebraska	$71,772
Nevada	$71,646
New Hampshire	$90,845
New Jersey	$97,126
New Mexico	$58,722
New York	$81,386
North Carolina	$66,186
North Dakota	$73,959
Ohio	$66,990
Oklahoma	$61,364
Oregon	$76,362
Pennsylvania	$73,170
Rhode Island	$81,370
South Carolina	$63,623
South Dakota	$69,457
Tennessee	$64,035
Texas	$73,035
Utah	$86,833
Vermont	$74,014
Virginia	$87,249
Washington	$90,325
West Virginia	$55,217
Wisconsin	$72,458
Wyoming	$72,495

Average Cost of Living in the US by State in 2024

Your cost of living refers to the amount of money needed in order to afford the necessities in a specific location, during a certain time period. The expenses factoring into your cost of living include food, housing, utilities, transportation, childcare, and health care.

Here’s a look at the average cost of living in each state, according to data from the U.S. Bureau of Economic Analysis.

State	Personal Consumption Expenditure
Alabama	$42,391
Alaska	$59,179
Arizona	$50,123
Arkansas	$42,245
California	$60,272
Colorado	$59,371
Connecticut	$60,413
Delaware	$54,532
Florida	$55,516
Georgia	$47,406
Hawaii	$54,655
Idaho	$43,508
Illinois	$54,341
Indiana	$46,579
Iowa	$45,455
Kansas	$46,069
Kentucky	$44,193
Louisiana	$45,178
Maine	$55,789
Maryland	$52,651
Massachusetts	$64,214
Michigan	$49,482
Minnesota	$52,849
Mississippi	$39,678
Missouri	$48,613
Montana	$51,913
Nebraska	$37,519
Nevada	$49,522
New Hampshire	$60,828
New Jersey	$60,082
New Mexico	$43,336
New York	$58,571
North Carolina	$47,834
North Dakota	$52,631
Ohio	$47,768
Oklahoma	$42,046
Oregon	$52,159
Pennsylvania	$53,703
Rhode Island	$52,820
South Carolina	$46,220
South Dakota	$48,997
Tennessee	$46,280
Texas	$49,082
Utah	$48,189
Vermont	$55,743
Virginia	$52,057
Washington	$56,567
West Virginia	$44,460
Wisconsin	$49,284
Wyoming	$52,403

How to Live on $85,000 a Year

In order to figure out how to best live on $85,000 a year, it helps to know how this salary breaks down on a monthly and weekly basis.

Based on a 40-hour work week with two weeks of paid vacation a year, an annual income of $85,000 works out to be about $7083.33 a month, $3,269.34 biweekly, and $1,634.62 a week. The hourly rate turns out to be $42.50 per hour.

Keep in mind these figures are your gross income. After taxes, your pay may end up being somewhere between $4,958 to $6,020 a month. You may find this easily takes care of your living expenses, chips away at some debts, and enables you to even sock some money away for the future.

Need help keeping on top of where your money is being spent with every paycheck? Tools like an online money tracker tool can help.

Recommended: How to Calculate Your Net Worth and Wealth: The Ultimate Guide

How to Budget for a $85K Salary

There are many different budgeting methods out there, but a popular one is the 50/30/20 budget. This approach allows you to allocate your money into three categories: your needs, wants, and savings.

Essentially, to follow the “rules” of the 50/30/20 budget, you’ll portion 50% of your salary to necessities (rent/mortgage payments, groceries, transportation, medical insurance), 30% toward your nonessentials or wants (travel, entertainment, leisure, dining out) and the remaining 20% toward debt repayment and savings, including retirement accounts, vacation funds, college tuition, or buying a home.

A budgeting planner app can help you get started.

Maximizing an $85K Salary

There are ways to build upon a $85,000 salary, besides budgeting, saving, and getting rid of debt. Strategies include taking advantage of certain employer offerings, paying bills on time, and exploring different investment opportunities.

Does your company have a 401(k) plan? If so, consider enrolling, and your future self will thank you later. Your employer may even offer matching contributions, often up to a certain percentage.

You can also make sure you avoid any missed payments or late fees by setting up an autopay for recurring bills. And even if $85K can go further where you live, that doesn’t mean you still can’t curb extraneous spending, such as eating home more often than ordering take-out or getting rid of streaming services you never use.

Quality of Life with an $85K Salary

Whether you’re mulling a job offer or considering a career change, you may be wondering, “Is $85K a year a good salary?” In fact, that amount of money can provide a nice quality of life for many people. But it’s worth noting that everyone has their own version of what a nice quality of life means. So the amount one person needs to live comfortably — and where — differs from person to person.

Is $85,000 a Year Considered Rich?

Similar to the question of what constitutes a good quality of life, what someone considers rich depends on their personal definition. To many folks, $85,000 may feel rich, especially if you’ve never earned close to this salary before.

The truth is, there’s no official financial designation of what it means to be rich, but generally, you’ll need to earn at least a six-figure salary to be on the road for qualification. And even when you hit that amount, it’s going to take anywhere from $329,620 to $719,253 to be considered a top earner in the U.S., according to research from GoBankingRates based on numbers from the Census Bureau.

Is $85K a Year Considered Middle Class?

According to the Pew Research Center, 51% of Americans fall into the middle class or middle income category. Middle class households are defined by Pew Research as those with an income that is two-thirds to double that of the U.S. median household income, which as mentioned earlier is $65,470.

Using that definition, SmartAsset conducted a 2024 study to determine the middle-class income limits by state. The findings indicated that on a state level, a household earning between $64,224 and $192,692 in 2024 would be considered middle class.

Example Jobs that Make About $85,000 a Year Salary

Salaries largely depend on the field or industry you work in, what companies are willing to pay, and your particular skill set. Here are some jobs that pay about $85,000 a year, based on information from the BLS:

•   Dental Hygienist: $89,890

•   Chiropractor: $89,760

•   Real Estate Broker: $86,130

•   Writer and Editor: $86,120

•   Urban and Regional Planner: $85,940

•   Insurance Underwriter: $85,610

•   Occupational Health and Safety Specialists: $85,570

Recommended: 25 Highest Paying Jobs in the U.S.

The Takeaway

Is $85K a year a good salary? In 2024, it’s considered middle class and can be a comfortable living for a single person in many states and areas of the country. With that level of pay, someone can afford their basic needs, indulge in some of their wants, and have money left over to pay off debts or set aside savings. Earning $85K can be a great starting salary for a young person or even someone starting over in a new field, with the opportunity to increase earnings in the future.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

Can I live comfortably making $85K a year?

It depends on where you live, the expenses you currently have, and your spending habits. But in general, as a single person, you should be able to live rather comfortably on $85K a year, meeting your basic needs and have money left over.

What can I afford with an $85K salary?

Making $85,000 a year can typically cover housing, a car payment, utility and food costs, without being stretched too thin. Of course, this all relies on living within your means. For example, the average rent for a one-bedroom apartment in the U.S. is slightly over $1,500 a month, and monthly car payments average from $522 for a used car to $723 for a new car. You may be stretched if you decide to buy a home, since the average mortgage payment on a fixed 30-year mortgage is $2,833.

How much is $85K a year hourly?

The hourly rate for $85,000 a year is around $42.50.

How much is $85K a year monthly?

A salary of $85,000 works out to be about $7083.33 a month before taxes.

How much is $85K a year daily?

If you make $85k, you earn a gross amount of approximately $327 a day.

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Photo credit: iStock/FreshSplash

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If you’re contemplating a job change or angling for a salary increase, you may have questions about whether a $95,000 salary will sustain you. Consider that the typical worker in the U.S. earns around $63,795 a year, according to the Social Security Administration. A $95,000 annual paycheck is nearly 49% higher than that.

Let’s see where you’d fall on the earnings spectrum compared to others in the U.S. and also explore ways to budget a $95,000 annual salary.

Is $95K a Good Salary?

While not quite a six-figure salary, $95K is generally considered a good income for a single person. But whether that amount works for you depends largely on where you live and your personal standards. For example, you may find that a $95,000 salary goes further in Des Moines than Honolulu, which has a higher cost of living.

No matter where you live, a budget planner app can help you set customized budgets and categorize spending, so you can make the most of your income.

Recommended: Average Salary in the U.S.

Average Median Income in the US by State in 2024

As in real estate, location is an important factor when it comes to salaries. Wages for the same job can vary widely from one state to another, driven largely by differing costs of living.

Here’s a look at the median household income in each state, per U.S. Census Bureau data.

State	Median Household Income
Alabama	$59,609
Alaska	$86,370
Arizona	$72,581
Arkansas	$56,335
California	$91,905
Colorado	$87,598
Connecticut	$90,213
Delaware	$79,325
Florida	$67,917
Georgia	$71,355
Hawaii	$94,814
Idaho	$70,214
Illinois	$78,433
Indiana	$67,173
Iowa	$70,571
Kansas	$69,747
Kentucky	$60,183
Louisiana	$57,852
Maine	$68,251
Maryland	$98,461
Massachusetts	$96,505
Michigan	$68,505
Minnesota	$84,313
Mississippi	$52,985
Missouri	$65,920
Montana	$66,341
Nebraska	$71,772
Nevada	$71,646
New Hampshire	$90,845
New Jersey	$97,126
New Mexico	$58,722
New York	$81,386
North Carolina	$66,186
North Dakota	$73,959
Ohio	$66,990
Oklahoma	$61,364
Oregon	$76,362
Pennsylvania	$73,170
Rhode Island	$81,370
South Carolina	$63,623
South Dakota	$69,457
Tennessee	$64,035
Texas	$73,035
Utah	$86,833
Vermont	$74,014
Virginia	$87,249
Washington	$90,325
West Virginia	$55,217
Wisconsin	$72,458
Wyoming	$72,495

Recommended: Highest Paying Jobs by State

Average Cost of Living in the US by State in 2024

How much you pay for necessities like housing, transportation, health care, and food can impact just how far your $95,000 salary will go. When figuring out whether $95,000 is a good salary for a single person, it can help to look at how much people in different states are spending on housing, food, health care, and other basics. The U.S. Bureau of Economic Analysis’ (BEA) list of personal consumption expenditures, below, compiles this information.

State	Personal Consumption Expenditure
Alabama	$42,391
Alaska	$59,179
Arizona	$50,123
Arkansas	$42,245
California	$60,272
Colorado	$59,371
Connecticut	$60,413
Delaware	$54,532
Florida	$55,516
Georgia	$47,406
Hawaii	$54,655
Idaho	$43,508
Illinois	$54,341
Indiana	$46,579
Iowa	$45,455
Kansas	$46,069
Kentucky	$44,193
Louisiana	$45,178
Maine	$55,789
Maryland	$52,651
Massachusetts	$64,214
Michigan	$49,482
Minnesota	$52,849
Mississippi	$39,678
Missouri	$48,613
Montana	$51,913
Nebraska	$37,519
Nevada	$49,522
New Hampshire	$60,828
New Jersey	$60,082
New Mexico	$43,336
New York	$58,571
North Carolina	$47,834
North Dakota	$52,631
Ohio	$47,768
Oklahoma	$42,046
Oregon	$52,159
Pennsylvania	$53,703
Rhode Island	$52,820
South Carolina	$46,220
South Dakota	$48,997
Tennessee	$46,280
Texas	$49,082
Utah	$48,189
Vermont	$55,743
Virginia	$52,057
Washington	$56,567
West Virginia	$44,460
Wisconsin	$49,284
Wyoming	$52,403

Recommended: Average Income by Age

How to Budget for a $95K Salary

No matter how much money you earn each year, it’s a smart idea to create a budget. One of the first steps you’ll want to take is to figure out how much money you have left after withholding for federal income taxes, Social Security taxes, and Medicare. On average, the take-home pay on a $95,000 salary is around $74,991.50, though that doesn’t include state taxes.

Once you’ve determined your after-tax income, consider using the 50/30/20 rule for budgeting. This means 50% of your income goes toward needs, 30% goes toward “wants,” and 20% goes toward savings or debt repayment beyond your minimum amounts.

Let’s say, for example, you live in Massachusetts. Your $95,000 salary would break down to $5,757 per month due to taxes (based on a 27.3% average tax rate and 35% marginal tax rate). Using the 50/30/20 rule, you’d put the following amounts in the corresponding pockets:

•   50% needs: $2,878.50

•   30% wants: $1,727.10

•   20% savings or debt repayment: $1,151.40

After you have your budget in place, a tool like an online money tracker can help you monitor your spending as well as keep tabs on your credit score.

Maximizing a $95K Salary

Whether you’re earning $95,000 as an entry-level salary or after several years on the job, there are ways to make the most of your income. Here are some strategies to consider:

•   Build an emergency fund. Aim for a cushion of three to six months of living expenses.

•   Max out your retirement savings account — and make sure you’re taking advantage of a company match, if one is available.

•   Explore investing in securities that charge minimal fees.

•   Work on improving your credit score, which can boost your chances of getting competitive interest rates.

Quality of Life with a $95K Salary

While it’s a highly subjective measure, “quality of life” typically refers to a combination of personal preferences, including job satisfaction, family life, health, and safety. How well you can live on your salary often boils down to your expenses and how and where you choose to spend your money.

By and large, many people with $95,000 salaries find they can live quite comfortably. However, if you spend more than you earn or rely on credit to fund your lifestyle, you may find you have trouble making ends meet on your income.

Is $95,000 a Year Considered Rich?

The Charles Schwab Wealth Survey reported that a national sample of Americans between the ages of 21 to 75 believe you need to amass $2.2 million to be considered wealthy. However, according to the same survey, Americans who say they feel wealthy have less than that — around a $560,000 net worth.

Note that it’s possible to accumulate wealth if you’re earning $95,000 a year, though it may take some time. Common strategies include relying on investing and compound interest to increase net worth, saving money, and setting money aside in a company retirement plan.

Recommended: Net Worth Calculator By Age

Is $95K a Year Considered Middle Class?

Middle class is defined as income that is two-thirds to double the national median income. By that definition, a middle-class household makes between $47,189 and $141,568, and $95,000 is in that range.

However, that’s for the nation. When you drill down to the city and state level, you see that the income required to be middle class varies. For instance, to be considered middle class in San Francisco, you’ll need to earn between $91,126 and $151,877. In Washington, D.C., middle class is defined as income that falls between $67,815 and $113,024.

Example Jobs that Make About $95,000 a Year

Many career types fall into the $95,000 salary range, including jobs for introverts. Here are some examples of careers you can pursue, which require a range of degree levels from associate to graduate:

•   Financial Analyst: $99,890 per year

•   Industrial Engineer: $99,380 per year

•   Radiation Therapist: $98,300 per year

•   Occupational Therapist: $96,370 per year

•   Civil Engineer: $95,890 per year

•   Architect: $93,310 per year

The Bureau of Labor Statistics offers an occupation finder in its Occupational Outlook Handbook, which you can sort by median pay over $80,000.

The Takeaway

Is $95k a good salary for a single person? By and large, yes, but your spending habits, budgeting skills, and local cost of living can all impact how far your money goes. With careful budgeting and saving, you can make the most of your income.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

Can I live comfortably making $95K a year?

Generally speaking, many people can live comfortably making $95,000 per year. However, it depends on several factors, including where you live, how much you spend, and where you put your money. Those who live within a budget feel the most comfortable with that salary.

What can I afford with a $95K salary?

Let’s target one of the most expensive assets most people own: a home. You may wonder how much house you can afford without stretching yourself.

Experts often suggest the 28/36 rule, which means that you should spend no more than 28% of your gross income on housing and no more than 36% on all your debt, which might include housing, student loans, car payment, credit cards, etc.

For example, according to the 28/36 rule on a $95,000 salary, you should spend no more than $2,216 on housing per month.

How much is $95K a year hourly?

A $95,000 salary breaks down to $45.67 per hour. This per-hour figure might not help you budget or understand your overall income, but it’s interesting to analyze.

How much is $95K a year monthly?

You’ll bring in $7,916.67 per month with a $95,000 per-year salary. It’s important to note that this is the general breakdown for that salary — your state may charge more in taxes and you may actually make less.

How much is $95K a year daily?

You’ll earn $365.38 per day with a $95,000 salary. Similar to your hourly rate, you might find this number difficult to help you budget or for use in a net worth calculator by age, but it’s interesting to know.

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Photo credit: iStock/JLco – Julia Amaral

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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.

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Earning $55,000 a year can be a good salary for a single person. While it’s less than the national average salary of $63,795, that amount is still higher than what the typical worker earns in some states.

Of course, determining whether a $55,000 annual salary is enough for you to live on depends on where you live, your lifestyle, your financial obligations, and a number of other factors. Let’s dive in.

Is $55K a Good Salary?

The American economy is much different now than it was just a few years ago. While the job market has stayed consistently strong, inflation has outpaced wages. In fact, wage growth was three percentage points lower than overall inflation, according to a November 2023 survey conducted by Bankrate. You don’t need a money tracker to tell you that this means a $55,000 annual salary no longer goes as far as it once did.

But inflation is just one piece of the puzzle. Another factor to consider is where you are in your career. While a salary of $55K is below the average salary in the U.S., it can be considered a good wage, especially if you’re just starting out.

Recommended: What Is a Good Entry-Level Salary?

Average Median Income in the US by State in 2024

Certain states tend to pay better, often because they have a higher cost of living. The following chart shows the median income in each state, according to U.S. Census Bureau data.

State	Median Household Income
Alabama	$59,609
Alaska	$86,370
Arizona	$72,581
Arkansas	$56,335
California	$91,905
Colorado	$87,598
Connecticut	$90,213
Delaware	$79,325
Florida	$67,917
Georgia	$71,355
Hawaii	$94,814
Idaho	$70,214
Illinois	$78,433
Indiana	$67,173
Iowa	$70,571
Kansas	$69,747
Kentucky	$60,183
Louisiana	$57,852
Maine	$68,251
Maryland	$98,461
Massachusetts	$96,505
Michigan	$68,505
Minnesota	$84,313
Mississippi	$52,985
Missouri	$65,920
Montana	$66,341
Nebraska	$71,772
Nevada	$71,646
New Hampshire	$90,845
New Jersey	$97,126
New Mexico	$58,722
New York	$81,386
North Carolina	$66,186
North Dakota	$73,959
Ohio	$66,990
Oklahoma	$61,364
Oregon	$76,362
Pennsylvania	$73,170
Rhode Island	$81,370
South Carolina	$63,623
South Dakota	$69,457
Tennessee	$64,035
Texas	$73,035
Utah	$86,833
Vermont	$74,014
Virginia	$87,249
Washington	$90,325
West Virginia	$55,217
Wisconsin	$72,458
Wyoming	$72,495

Recommended: Highest Paying Jobs by State

Average Cost of Living in the US by State in 2024

The term cost of living refers to the amount of money someone needs to cover day-to-day expenses. According to the U.S. Bureau of Economic Analysis (BEA), here’s how much residents in each state spend on necessities like housing, utilities, food, and health care.

State	Personal Consumption Expenditure
Alabama	$42,391
Alaska	$59,179
Arizona	$50,123
Arkansas	$42,245
California	$60,272
Colorado	$59,371
Connecticut	$60,413
Delaware	$54,532
Florida	$55,516
Georgia	$47,406
Hawaii	$54,655
Idaho	$43,508
Illinois	$54,341
Indiana	$46,579
Iowa	$45,455
Kansas	$46,069
Kentucky	$44,193
Louisiana	$45,178
Maine	$55,789
Maryland	$52,651
Massachusetts	$64,214
Michigan	$49,482
Minnesota	$52,849
Mississippi	$39,678
Missouri	$48,613
Montana	$51,913
Nebraska	$37,519
Nevada	$49,522
New Hampshire	$60,828
New Jersey	$60,082
New Mexico	$43,336
New York	$58,571
North Carolina	$47,834
North Dakota	$52,631
Ohio	$47,768
Oklahoma	$42,046
Oregon	$52,159
Pennsylvania	$53,703
Rhode Island	$52,820
South Carolina	$46,220
South Dakota	$48,997
Tennessee	$46,280
Texas	$49,082
Utah	$48,189
Vermont	$55,743
Virginia	$52,057
Washington	$56,567
West Virginia	$44,460
Wisconsin	$49,284
Wyoming	$52,403

How to Budget for a $55K Salary

Depending on your financial obligations, regional cost of living, and other factors, you may find it easier to stretch a $55,000 annual salary with the help of a budget. (A budget planner app can help you set up a spending plan and allow you to monitor your credit score.)

One method to try is the 50/30/20 budget, which recommends setting aside 50% of your earnings for needs (like housing, food, and transportation); 30% for wants (like entertainment and travel); and 20% for savings and debt repayment.

Recommended: US Average Income by Age

Maximizing a $55,000 Salary

When it comes to making every dollar count, it helps to identify the biggest line items in your budget. Typically, these will be housing, transportation, and food. If you’re looking for ways to stretch a $55,000 annual salary, these may be natural places to start trimming. For instance, if you live alone and are open to a shared housing arrangement, you may want to consider getting a roommate. Or if you live near coworkers, it may be worthwhile to explore carpooling to work.

But there are other ways to maximize a $55,000-a-year salary. Here are a few strategies to consider:

•   Build up an emergency fund. Aim to save at least three to six months’ worth of basic living expenses.

•   Pay down debt. If you’re carrying a credit card balance and you’ve already built up an emergency fund, you may want to focus on paying off debt.

•   Step up your retirement savings. If you have a 401(k) retirement plan with your employer, run the numbers and see if you can increase your monthly contributions. You could possibly get an employer match as well.

Is $55,000 a Year Considered Rich?

While $55,000 a year is no six-figure salary, it can be more than enough for a single person to live comfortably. This is particularly true if they have a low cost of living, little to no debt, or are only supporting themselves.

But is that salary enough to classify someone as rich? One way to think about it is to look at the person’s net worth. To calculate net worth, simply subtract outstanding debts or liabilities from the value of all combined assets.

You can also use tools like a net worth calculator by age to help you determine how a $55k a year salary stacks up.

Is $55K a Year Considered Middle Class?

The Pew Research Center defines middle class as households with a salary that’s two-thirds to double the national median income. By that definition, “middle class” is household income ranging from $47,189 and $141,568, which includes $55,000.

Examples of Jobs that Make About $55,000 a Year

Whether you’re looking for jobs for introverts or entry-level roles, you’ll likely find a number of positions that pay around $55,000 a year. Here are some examples:

•   Firefighter: $57,120

•   Postal service mail carrier: $56,510

•   Carpenter: $56,350

•   Counselor: $53,710

•   Retail supervisor: $52,030

The Takeaway

While $55,000 a year is lower than the national average salary, it may be enough for a single person to support themselves. However, cost of living, financial obligations, personal spending habits, inflation, and other factors can impact how far the money goes. To help make the most of your salary, consider strategies like creating a budget and savings plan you can stick to and using financial tools to monitor your spending.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

Can I live comfortably making $55k a year?

It’s possible for a single person with little to no debt and no dependents to live comfortably on a salary of $55,000. However, it may require you to carefully manage your budget and control your expenses.

What can I afford with a $55k a year salary?

Depending on the city and state that you live in, you should be able to afford housing, transportation, healthcare, and some discretionary spending. But just how much will largely depend on your area’s cost of living, your overall expenses, and your budget.

How much is $55k a year hourly?

A $55,000 a year salary works out to around $22.50 per hour.

How much is $55k a year monthly?

If you make $55,000 a year, you may earn around $4,583 per month, depending on your tax situation.

How much is $55k a year daily?

An annual salary of $55,000 comes out to around $220 per day.

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Photo credit: iStock/PeopleImages

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

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.

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Live in Oregon or thinking of moving there? If so, you might be interested in knowing where you stand salary-wise compared to other 49 states.

The latest figures from the U.S. Bureau of Labor Statistics (BLS) reports the average annual income for Oregonians is $66,710, That’s slightly higher than the average annual salary in the U.S. of $65,470. Of course, an individual’s yearly earnings depend on several factors, including their occupation, level of education, age, and professional experience.

Here’s a closer look at the average salary in Oregon by age, city, and county, along with some of the highest paying jobs in the Beaver State:

Average Salary in Oregon by Age in 2024

As with other states, the highest earners in Oregon fall within the 25 to 64 age range, with a salary decline around retirement time. The salary peaks tend to be commensurate with age and experience. Not surprisingly, entry-level salaries in Oregon tend to be on the lower end of the spectrum.

Age range	Median salary
15-24	$45,239
25-44	$86,934
45-64	$89,663
65 and over	$55,973

Source: Nasdaq

Recommended: U.S. Average Income by Age

Average Salary in Oregon by City in 2024

You don’t need a money tracker to tell you that the city you live in can greatly influence how much you make each year. Oregon is no different. Per ZipRecruiter, here are the average salaries in 10 Oregon cities:

•   Myrtle Point: $92,446

•   Salem: $76,125

•   Gold Beach: $74,126

•   New Hope: $70,922

•   Nesika Beach: $70,351

•   Portland: $69,904

•   Melrose: $68,811

•   Coquille: $68,534

•   Bunker Hill: $68,454

•   Eola: $67,962

Average Salary in Oregon by County in 2024

Salaries can vary per county as a result of different factors. These can include whether the county is home to a larger city, where there’s more variety in work opportunities, a need for skilled workers, and the possibility of higher pay.

According to the latest Oregon state government figures, here’s an overview of the average annual salary in select counties:

•   Morrow County: $64,067

•   Benton County: $62,757

•   Sherman County: $57,081

•   Linn County: $51,902

•   Umatilla County: $50,758

•   Douglas County: $50,220

•   Tillamook County: $49,350

•   Klamath County: $48,488

•   Curry County: $44,201

•   Wheeler County: $36,359

Examples of the Highest-Paying Jobs in Oregon

A well-paying job can allow you to live a very comfortable lifestyle in Oregon. Oregon’s top paying jobs provide a six-figure salary, and tend to be in the medical field. However, occupations in business, science, and technology also make the list of some of the biggest salaries.

According to the BLS, some of Oregon’s highest-paying jobs are:

•   Dermatologist: $481,330

•   Anesthesiologist: $444,090

•   Orthopedic surgeon: $421,790

•   CEO: $371,290

•   Obstetricians and gynecologists: $329,680

•   Psychiatrist: $287,370

•   Pediatrician: $219,110

•   Computer and Information Research Scientist: $178,790

•   Dentist: $177,440

•   Physicist: $169,720

There are other occupations in Oregon with an annual salary of $85,000 or more a year that can allow for a more flexible schedule or be done remotely, such as an art director, financial specialist, web designer, or writer. These are jobs that can easily be work-from-home situations, which can offer opportunities for introverts.

Whatever your current salary, there are always ways to maximize your earnings by monitoring your spending and setting up a budget. A budget planner app can help with both.

Recommended: 2024 Net Worth Calculator by Age with Examples

The Takeaway

Considering moving to Oregon and wondering if you can afford it? The average annual income for Oregonians is $66,710, which is slightly more than $65,470, the average annual salary in the U.S. There are many counties and towns in Oregon where making this amount of money can provide a nice quality of life, though some cities and certain regions will be more expensive. However, the state is home to many high-earning occupations, and people between the ages of 25 and 64 are in a prime spot for earning a livable salary in the Beaver State.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

What is a good average salary in Oregon?

The median household income in Oregon is $86,780 according to the Federal Reserve Bank of St. Louis. The size of your family, your basic expenses, and the area you live, as well as other factors, can determine how far the money can stretch.

What is the average gross salary in Oregon?

The average annual gross salary in Oregon is $66,710, which breaks down to a monthly salary of $5,559.17 and $2,565.77 biweekly. This translates to $1,282.88 weekly, $256.58 daily, and an hourly wage of $32.07. Since the median rent in Oregon is $2,228 a month, you’ll want to earn more than the median yearly salary in order to be able to cover all of your expenses and possibly have some left over for savings and entertainment.

What is the average income per person in Oregon?

The annual average personal income in Oregon is $65,426, per the latest figures from the Federal Reserve Bank of St. Louis.

What is a livable wage in Oregon?

In order to make a living wage in Oregon, a single adult without children in Oregon needs to make $50,553 a year. This covers the basic cost of living, including housing, transportation, food, and medical care. For two working adults with two kids, the required income needed (before taxes) is $93,735.

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Photo credit: iStock/StockRocket

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

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.

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The average salary across the United States sits at $63,795, per the Social Security Administration. So an income of $300,000 per year — more than four times that figure — is by most standards a great salary for a single person in 2024.

Of course, even a large amount of money can come up short if you don’t have a solid budget in place or if you lead a particularly expensive lifestyle.

Below, we’ll dive into the various considerations.

Is $300K a Good Salary?

If you’ve just been offered a job with this figure in its compensation package, you may be wondering, “Is $300,000 a good salary for a single person?”

The thing is, there’s really no one-size-fits-all answer to that question. While $300,000 per year is substantially more than most people — or even most U.S. households — make, whether or not it’s comfortable for you depends on your lifestyle choices and expectations.

Median Income in the US by State in 2024

You may be wondering how much you make compared to your neighbors. Median yearly household income varies significantly by state, ranging from Mississippi’s $52,985 to Maryland’s $98,461. However, nowhere in America does the median household income come anywhere close to $300,000 per year.

State	Median Household Income
Alabama	$59,609
Alaska	$86,370
Arizona	$72,581
Arkansas	$56,335
California	$91,905
Colorado	$87,598
Connecticut	$90,213
Delaware	$79,325
Florida	$67,917
Georgia	$71,355
Hawaii	$94,814
Idaho	$70,214
Illinois	$78,433
Indiana	$67,173
Iowa	$70,571
Kansas	$69,747
Kentucky	$60,183
Louisiana	$57,852
Maine	$68,251
Maryland	$98,461
Massachusetts	$96,505
Michigan	$68,505
Minnesota	$84,313
Mississippi	$52,985
Missouri	$65,920
Montana	$66,341
Nebraska	$71,772
Nevada	$71,646
New Hampshire	$90,845
New Jersey	$97,126
New Mexico	$58,722
New York	$81,386
North Carolina	$66,186
North Dakota	$73,959
Ohio	$66,990
Oklahoma	$61,364
Oregon	$76,362
Pennsylvania	$73,170
Rhode Island	$81,370
South Carolina	$63,623
South Dakota	$69,457
Tennessee	$64,035
Texas	$73,035
Utah	$86,833
Vermont	$74,014
Virginia	$87,249
Washington	$90,325
West Virginia	$55,217
Wisconsin	$72,458
Wyoming	$72,495

Source: U.S. Census Bureau

Average Cost of Living in the US by State in 2024

Just as median income varies significantly depending on which state you’re in, so does the state-by-state cost of living. This means that $300,000 can go a lot further in, say, Arkansas than it would in California.

While these figures are just averages — and the state-wide cost of living can vary substantially depending on which city you live in — here’s the average cost of living in each of the 50 states:

State	Average Cost of Living
Alabama	$42,391
Alaska	$59,179
Arizona	$50,123/td>
Arkansas	$42,245
California	$60,272
Colorado	$59,371
Connecticut	$60,413
Delaware	$54,532
Florida	$55,516
Georgia	$47,406
Hawaii	$54,655
Idaho	$43,508
Illinois	$54,341
Indiana	$46,579
Iowa	$45,455
Kansas	$46,069
Kentucky	$44,193
Louisiana	$45,178
Maine	$55,789
Maryland	$52,651
Massachusetts	$64,214
Michigan	$49,482
Minnesota	$52,849
Mississippi	$39,678
Missouri	$48,613
Montana	$51,913
Nebraska	$37,519
Nevada	$49,522
New Hampshire	$60,828
New Jersey	$60,082
New Mexico	$43,336
New York	$58,571
North Carolina	$47,834
North Dakota	$52,631
Ohio	$47,768
Oklahoma	$42,046
Oregon	$52,159
Pennsylvania	$53,703
Rhode Island	$52,820
South Carolina	$46,220
South Dakota	$48,997
Tennessee	$46,280
Texas	$49,082
Utah	$48,189
Vermont	$55,743
Virginia	$52,057
Washington	$56,567
West Virginia	$44,460
Wisconsin	$49,284
Wyoming	$52,403

Source: U.S. Bureau of Economic Analysis

How to Live on $300K a Year

No matter what you earn, figuring out how to spend (and save) your money takes effort and planning. Although it may seem like, with a six-figure salary, you can just buy whatever you want, if you don’t take the time to lay out how much money you’re actually taking home each month — and how much needs to be set aside for regular, necessary expenses like housing, insurance, food, and utility bills — you could quickly find yourself eating into your savings or even spiraling into credit card debt.

A money tracker is a great way to get a bird’s-eye view of where your funds are really going. This can be a first step toward deciding where you want them to go, rather than letting them whisk themselves away.

How to Budget for a $300K Salary

Whether you’re earning an entry-level salary or sitting in the C-suite, a little bit of budgeting can go a long way. But how?

The first step in budgeting is to determine how much money you make each month, which, in the case of someone earning a $300,000 salary, is about $25,000 before taxes are taken out. Because state taxes can vary significantly, you’ll need to look at your own pay stubs or do the math to determine how much is left afterwards, also known as your “net” income.

Once you know your net income, you can begin to deduct your regular, expected expenses. These include your housing payment (like rent or a mortgage), insurance payments, utility bills, and other recurring regular expenses (like your Netflix subscription). You should also set aside a budget for required monthly expenses that may vary a bit but are still critical, like groceries and fuel, or transportation.

Now, you can subtract your monthly expenses from your monthly earnings to determine how much discretionary income you have to do with what you please, including setting aside at least some of it for savings.

Sounds like too much work to do this all on paper? Fortunately, there are plenty of budget planner apps that can make the process a breeze.

Maximizing a $300K Salary

Just because you earn a lot doesn’t mean you have to spend a lot. And if you’re careful with your over-average salary, you can save money for the future and help safeguard your lifestyle for the long run.

For example, if you saved just 10% of your $300,000 per year salary, that would be $30,000 per year into your emergency fund or investment account. Especially if you choose to invest it, that amount can really add up over a relatively short amount of time — increasing your overall net worth and potentially even giving you the opportunity to retire early!

Quality of Life with a $300K Salary

Because a $300,000 per year salary is so much higher than the average cost of living in most states, most people who earn this much will find themselves able to afford a very comfortable, high quality of living anywhere.

Of course, the money can still go further in some places than others. For instance, on $300,000, you might be able to afford a small mansion in Mississippi — or an 800-square-foot apartment in Manhattan.

Is $300,000 a Year Considered Rich?

Given that the average salary in the U.S. is about 21% of $300,000, yes, many would consider someone earning $300,000 per year by themselves to be rich.

However, in most states, you’d need to make substantially more than $300,000 per year to be in the top 1% of earners. The states where you’d come closest are West Virginia and Mississippi, where the top 1% earn at least $367,582 and $381,919 per year, respectively.

Is $300K a Year Considered Middle Class?

The amount of money you’d need to earn to be considered middle class varies depending on where you live. But according to the Pew Research Center, it’s between about $47,189 and $141,568 per year on average. Which is to say, no, $300,000 per year is not considered middle class in the vast majority of cities and scenarios.

Example Jobs that Make About $300,000 a Year

Don’t make $300,000 per year (yet), and curious about how to make the dream a reality?

You might consider opening your heart to cardiology, which, according to data compiled by SoFi, offers an average salary of $421,330 per year. Medical positions feature prominently among the top-paying jobs, with surgeons, radiologists, dermatologists, emergency medicine physicians, and anesthesiologists all earning more than $300,000 per year.

The Takeaway

A salary of $300,000 is substantially higher than the national average and certainly a “good” salary for a single person in 2024 by most peoples’ reckoning. That said, no matter how much you earn, bad financial habits can bite you in the long run, so don’t forget about your budget.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

Can I live comfortably making $300K a year?

While everyone’s standard of comfort is individual, given how much higher $300,000 per year is than the average U.S. salary, yes, most people would be able to live comfortably on $300,000 per year. Even for high earners, however, having a budget is important. Making a plan for your money helps ensure you know exactly where each dollar is going rather than watching them fly away on their own.

What can I afford with a $300K salary?

With a $300,000 salary, you could afford a lot of things, including, depending on your overall applicant profile, a home priced close to a million dollars. With a high salary and the opportunity to save up money, you could likely afford luxurious vacations or high-end toys and gadgets, too. Again, though, a higher-than-average salary doesn’t preclude you from overspending or going into debt, so be sure to make a budget that accounts for all your necessary and discretionary expenses.

How much is $300K a year hourly?

For those who work 40-hour weeks 50 weeks out of the year, a $300,000 salary comes out to an hourly rate of around $150.

How much is $300K a year monthly?

A salary of $300,000 per year, divided by 12 months, comes out to roughly $25,000 per month.

How much is $300K a year daily?

A gross annual income of $300,000 per year, divided by 365 days, comes out to about $821.92 per day. Of course, most people don’t work every single day of the year. As an estimate for the normal five-day work week, accounting for weekends and typical American public holidays, an employee might work about 250 days per year, in which case a $300,000 salary comes out to approximately $1,200 per day.

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Photo credit: iStock/Dusan Atlagic

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

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.

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