Average American Net Worth by Age and Year

Average American Net Worth by Age and Year

The average net worth of Americans is about $1.06 million, according to the Federal Reserve’s most recent Survey of Consumer Finances released in October 2023. Meanwhile, the median net worth of American households is $192,900, according to the same Federal Reserve Survey.

Net worth measures the difference between assets (what you own) and liabilities (what you owe). Understanding the average American net worth by age can be useful for comparing your own progress in building wealth.

Recommended: Does Net Worth Include Home Equity?

What the Average American Net Worth 2023 Includes

The Federal Reserve collects data on net worth in the U.S. using the Survey of Consumer Finances. This survey is conducted every three years; the most recent undertaking began in March 2022. Findings are typically published in the year following the year the survey was completed.

To understand wealth and economic well-being in the U.S., the Federal Reserve looks at several specific factors:

•   Income

•   Homeownership status and home value

•   Debt (including mortgage debt, credit card debt, vehicle loan debt, and student debt)

•   Assets (including investment accounts, deposit accounts held at banks, vehicles, and business equity)

The Federal Reserve uses net worth as a gauge to measure increases or decreases in overall wealth levels. The survey also takes into account demographic factors, such as age, race, ethnicity, and level of education.

If you’re interested in calculating your net worth, you’d use similar metrics. For example, you could use an online net worth calculator to enter in your total debts and assets to determine your net worth. When calculating net worth home equity may or may not be included, depending on your preferences. It’s possible to get a positive or negative number, depending on how your liabilities compare to your assets.

You can also use a budget planner app to track net worth as well as your spending, credit scores, and savings. This type of money management tool can deliver a snapshot of your finances to your mobile device.

Recommended: What Credit Score is Needed to Buy a Car?

How the Average American Net Worth Varies By Age

Using the Survey of Consumer Finances as a guide, net worth rises over the average American’s lifetime before gradually beginning to decline. Average net worth is lowest for Americans under age 35; between the ages of 35 and 44, the average net worth makes a sizable leap.

There’s another significant bump that happens between the ages of 45 and 54, then the pace at which net worth increases begin to slow. Once Americans turn 75, their average net worth begins to decline.

This pattern makes sense, however, if you consider what the typical person’s working career and retirement might look like. Someone in their 20s likely isn’t making much money yet. They probably don’t own a home and a lot of what they do make might go to repaying student loans, car loans, or credit cards.

In their 30s and 40s, they may move into higher-paying jobs. Their debts may be mostly paid down or paid off so they can afford to buy a home. By the time they reach their mid-40s, they may be in their peak earning years and their home might have appreciated in value since they purchased it.

Net worth growth begins to gradually slow down once they’re in their 50s and 60s. That could be chalked up to moving some of their portfolio into safer investments or beginning to draw down their savings if they’re retired. Once they reach their 70s, they may be spending more of their assets on health care, including long-term care. Or they might have downsized into a home with a lower value.

Age Range

Average Net Worth

Less than 35 $183,500
35-44 $549,600
45-54 $975,800
55-64 $1,566,900
65-74 $1,794,600
75+ $1,624,100

Source: The Federal Reserve’s 2023 Survey of Consumer Finances

How the Average American Net Worth Varies Over Time

The Survey of Consumer Finances provides a snapshot of how the average American net worth has changed over time. From 1998 to 2007, for instance, there’s a steady increase in net worth among American households. But between 2007 and 2013, the average American net worth declined. This makes sense, given that the 2008 financial crisis had an impact on millions of American households. Between 2013 and 2019, net worth rebounded sharply, and it continued to rise between 2019 and 2022.

This begs the question of how much net worth might change again if the economy were to experience another downturn. If home values were to drop or a bear market caused stock prices to dip, it stands to reason that Americans’ might see their net worth fall. There is a silver lining, as economies do recover over time and the impacts may be less for younger investors. But a drop in net worth might not be as welcome for someone who’s close to retirement.

Survey of Consumer Finances Year

Average American Net Worth

2019 – 2022 $1.06 million
2016 – 2019 $748,800
2013 – 2016 $692,100
2010 – 2013 $534,600
2007 – 2010 $498,800
2004 – 2007 $556,300
2001 – 2003 $448,200
1998 – 2001 $395,500

How the Average American Net Worth Varies by State

The Survey of Consumer Finances does not track net worth data by state. But the Census Bureau does compile information on household wealth and debt at the state level.

In terms of what influences the average net worth by state, there are a number of factors that come into play. Some of the things that can influence net worth include:

•   Homeownership rates

•   Property values

•   Employment opportunities

•   Average incomes

•   Access to education and job training

According to the most recent data available from the Census Bureau, the median net worth across all states was $166,900 as of 2021. “Median” represents households in the middle of the pack, so to speak, for net worth calculations. Here’s what the median net worth looks like in each state.

State

Median Net Worth

State

Median Net Worth

Alabama $85,900 Montana $190,300
Alaska (B)* Nebraska $99,520
Arizona $126,100 Nevada $93,920
Arkansas $49,990 New Hampshire $243,600
California $200,300 New Jersey $195,200
Colorado $217,900 New Mexico $56,450
Connecticut $173,500 New York $123,900
Delaware $143,700 North Carolina $108,400
District of Columbia $24,000 North Dakota $241,000
Florida $95,770 Ohio $102,800
Georgia $110,000 Oklahoma $80,790
Hawaii $373,200 Oregon $183,200
Idaho $182,400 Pennsylvania $137,800
Illinois $103,500 Rhode Island $83,790
Indiana $84,620 South Carolina $81,150
Iowa $152,800 South Dakota $216,600
Kansas $77,010 Tennessee $70,100
Kentucky $73,150 Texas $90,390
Louisiana $84,850 Utah $170,900
Maine $107,400 Vermont (B)*
Maryland $194,700 Virginia $148,400
Massachusetts $251,000 Washington $170,400
Michigan $117,600 West Virginia $65,920
Minnesota $228,500 Wisconsin $110,400
Mississippi $40,280 Wyoming $171,600
Missouri $70,220

*Note: Where a (B) is entered, that means the base was less than 200,000 households or a sample size of less than 50 so the Census Bureau did not record net worth information for those states.

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The Takeaway

As discussed, net worth captures the difference between an individual’s assets and their debts. In the U.S. the average net worth varies by location and age. Tracking net worth is something you may want to do monthly if you’re paying off debt. You can use a money tracker app to figure out how long it will take you to become debt-free based on what you can afford to pay. As your income increases you may be able to pay down debt in larger amounts to increase your net worth faster.

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 the average net worth by age for California?

The median net worth for Californians is $200,300, according to the Census Bureau. This figure represents the middle ground between California residents of all ages from the highest net worth to the lowest.

What is the average net worth by age for New York?

The median net worth for New Yorkers of all ages is $123,900, according to the Census Bureau. This figure represents the middle ground between New York residents whose net worth is at the highest and lowest end of the spectrum.

What is the average net worth by age for Florida?

The median net worth for Florida residents of all ages is $95,770, according to the Census Bureau. This amount represents the middle ground between Floridians with the highest and lowest net worth.


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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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Is $150K a Good Salary for a Single Person?

Depending on your financial liabilities, a gross annual income of $150,000 is a good salary, especially for a single person.

Keeping tabs on the competitiveness of your income is an essential part of career growth and the financial and life goals you set for yourself. If you’re curious about how your six-figure salary compares to the average worker nationally and in each state, keep reading.

Is $150K a Good Salary?

For a single person, especially one who’s not supporting any dependents, $150,000 is a good annual salary. Consider the average salary in the U.S., which is $65,470, according to May 2023 data from the Bureau of Labor Statistics (BLS). A $150,000 annual salary is about 129% higher than the national average.

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Recommended: What Is the Average Pay in the United States Per Year?

Median Income in the US by State in 2024

The median income of workers differs across state lines, often even for the same profession. Typically, this is due to varying costs of living between states. Below are the median household incomes in every U.S. state, according to the latest data available from the U.S. Census Bureau.

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

Although $150K is a good salary for a single person, how far it goes depends on multiple factors, including your state’s cost of living (COL). Using a money tracker can offer insight into how to manage your finances no matter where you live.

Let’s take a look at the breakdown of COL by state, as aggregated by the Missouri Economic Research and Information Center.

State

Cost of Living Index

Alabama 88.3
Alaska 125.2
Arizona 108.4
Arkansas 89.0
California 138.5
Colorado 105.1
Connecticut 112.8
Delaware 101.1
Florida 100.7
Georgia 90.8
Hawaii 180.3
Idaho 98.6
Illinois 92.1
Indiana 91.0
Iowa 90.3
Kansas 87.1
Kentucky 92.0
Louisiana 91.0
Maine 109.9
Maryland 116.5
Massachusetts 146.5
Michigan 90.6
Minnesota 94.1
Mississippi 86.3
Missouri 88.5
Montana 102.9
Nebraska 90.9
Nevada 101.0
New Hampshire 114.1
New Jersey 113.9
New Mexico 94.0
New York 125.9
North Carolina 95.3
North Dakota 94.6
Ohio 94.7
Oklahoma 86.2
Oregon 114.7
Pennsylvania 95.6
Rhode Island 110.7
South Carolina 95.3
South Dakota 92.4
Tennessee 90.3
Texas 92.7
Utah 103.2
Vermont 115.3
Virginia 101.9
Washington 116.0
West Virginia 87.7
Wisconsin 95.1
Wyoming 92.4

How to Budget on a $150K Annual Salary

There are many budgeting strategies to explore, but one that offers a helpful guideline is the 50/20/30 budget. It buckets 50% of your take-home pay toward need-based expenses, like housing payments, auto loan payments, utilities, and groceries. Thirty percent of your net salary goes toward your wants, like shopping, entertainment, and dining out. Finally, 20% of your net salary is directed to your savings, like a high-yield savings account or retirement fund.

The 50/20/30 guide helps you allocate your take-home salary to your most important financial obligations and future self, while also leaving wiggle room for you to enjoy the rewards of your hard work.

One way to track your progress is with a budget planner app. This tool lets you set custom budget categories and goals for your spending so you see where your dollars go each month.

Maximizing a $150K Salary

A six-figure salary can provide a comfortable life, but how you manage it has just as big an impact. Here are a few ideas to maximize your $150K pay as a single person:

•   Automate your savings. “Paying yourself first” is the first step in maximizing your $150K salary. This includes setting up auto-deposits into a high-yield savings account for a rainy day, and enrolling in your employer’s 401(k) retirement plan so your contributions have time to grow.

•   Pay down existing debt. Letting unpaid revolving debt, like credit card balances, roll over each month keeps you buried in seemingly never-ending payments. If you have a lot of credit card debt, and already have a comfortable emergency fund, focus on paying off your debt. Doing so offers significant savings on interest over the long-term.

•   Explore investments. If you have your savings, retirement, and debt repayment strategy handled, another area that can help maximize your $150K salary is investing. Note that with any investment, there’s always a risk of losing your money.

Is $150,000 a Year Considered Rich?

An annual salary of $150K won’t get you into the upper 1% — that requires an annual wage of at least $785,968, according to the Economic Policy Institute. But a $150,000 annual income will place you just above the 90th to 95th percentile among U.S. earners.

Since “rich” is a subjective description, one way to answer this question is by learning how to calculate your net worth. Your net worth is your total assets minus your total liabilities (e.g., debt, bills, child support, etc.).

You can use a net worth calculator by age to see where your finances stand.

Is $150K a Year Considered Middle Class?

Generally, earning $150K is way more than a good entry-level salary, and can be a comfortable wage for a single professional. If you don’t provide for dependents, your income exceeds the overall national median salary and the median salary in every state.

To further illustrate this point, the Pew Research’s income calculator states that a $150K salary puts you in the “upper income” tier even in high-cost areas like California, Hawaii, and the District of Columbia.

Example Jobs That Make About $150,000 a Year

Interested in the highest-paying jobs by state? How much a profession pays is largely subject to the industry you work in and whether there’s a high demand for your skills in your area.

Although annual salaries vary between companies across the country, here are a few jobs that make about $150K annually, according to data from the BLS:

Profession

Median Salary

Advertising, promotions, and marketing managers $156,580
Financial managers $156,100
Physicists and astronomers $149,530
Podiatrists $141,650

Recommended: Low-Stress Jobs for Introverts

The Takeaway

Is $150K a good salary for a single person? Generally speaking, yes, earning $150,000 a year is considered an excellent salary in most places in the U.S. It surpasses the median income across all states, even in areas with high cost of living, like New York. But whether a $150,000 annual salary feels comfortable to you depends on how you budget your money and expenses.

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.

SoFi helps you stay on top of your finances.

FAQ

Can I live comfortably making $150k a year?

Whether you can live comfortably earning $150,000 annually depends on your household size and preferred lifestyle. By comparison, the average pay in the United States is $65,470, according to the Bureau of Labor Statistics May 2023 National Occupational Employment and Wage Estimates.

What can I afford with a $150k salary?

What you can afford with a $150,000 salary depends on various factors, like the cost of living in your area, household size, current debt, and overall lifestyle. A home is arguably the largest purchase workers have. According to Zillow’s affordability calculator, with a $20K down payment and $250 in monthly debts, you can comfortably afford a home price of $508,202.

How much is $150k a year hourly?

An annual $150K income breaks down to an hourly wage of $72.12 per hour. This figure is your gross hourly salary and doesn’t include taxes and payroll deductions.

How much is $150k a year monthly?

With a $150K annual salary, your monthly gross salary is $12,500.

How much is $150k a year daily?

A gross annual income of $150,000 per year equates to a $576.92 daily salary. This calculation assumes you’re working 40 hours per week and eight hours per day.


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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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Is $130,000 a Good Salary for a Single Person in 2024?

If you’re single and earning $130,000 a year, you’ll likely find you can live pretty comfortably in most parts of the U.S.

According to the Bureau of Labor Statistics (BLS), the median salary nationwide was about $59,228 in the first quarter of 2024, which means at $130,000, you’re earning more than twice what the average worker makes in a year.

Of course, if the cost of living is higher than average where you are, if you’re carrying a heavy debt load, or if you have champagne taste, you still may struggle to stretch your paycheck and achieve your financial goals.
Read on for a look at how a $130,000 salary might stack up depending on your location and other factors.

Is $130,000 a Good Salary?

If you’re a single person without any children, you may be able to manage quite well on a $130,000 income — especially if you can keep bigger bills, such as housing, utilities, transportation, and food costs, under control. (Tools like a money tracker can help.)

These expenses can vary widely depending on where you’re located. For instance, states where income tends to be higher usually have steeper costs of living.

To get an idea of where you stand, and whether $130,000 a year is a good salary for you, it helps to look at the cost of living where you live and the average salary in the U.S.

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Median Income in the US by State

A $130,000 annual salary is well above the average pay in the U.S., but wages can vary significantly by state. Here’s a state-by-state summary of the median household income, according to the most recent data available from the U.S. Census Bureau.

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

If you live in one of the more expensive states in the U.S., you already know how higher costs can affect your budget, even if you make a six-figure salary. Here’s a breakdown of where each state ranks for cost of living, according to 2023 data from the Missouri Economic Research and Information Center (MERIC). (Less expensive states have an index under 100, while more expensive states have an index over 100.)

State

Cost of Living Index

Alabama 88.3
Alaska 125.2
Arizona 108.4
Arkansas 89.0
California 138.5
Colorado 105.1
Connecticut 112.8
Delaware 101.1
Florida 100.7
Georgia 90.8
Hawaii 180.3
Idaho 98.6
Illinois 92.1
Indiana 91.0
Iowa 90.3
Kansas 87.1
Kentucky 92.0
Louisiana 91.0
Maine 109.9
Maryland 116.5
Massachusetts 146.5
Michigan 90.6
Minnesota 94.1
Mississippi 86.3
Missouri 88.5
Montana 102.9
Nebraska 90.9
Nevada 101.0
New Hampshire 114.1
New Jersey 113.9
New Mexico 94.0
New York 125.9
North Carolina 95.3
North Dakota 94.6
Ohio 94.7
Oklahoma 86.2
Oregon 114.7
Pennsylvania 95.6
Rhode Island 110.7
South Carolina 95.3
South Dakota 92.4
Tennessee 90.3
Texas 92.7
Utah 103.2
Vermont 115.3
Virginia 101.9
Washington 116.0
West Virginia 87.7
Wisconsin 95.1
Wyoming 92.4

How to Budget for a $130,000 Salary

No matter where you live or how much you’re paid, creating a realistic budget can help you stay on course when it comes to managing your money.

One popular budgeting method that can give you an idea of how to divide up your wages every month is the 50/30/20 rule, which allocates after-tax income to three basic categories:

•   50% to “needs” (essentials like housing, utilities, food, etc.)

•   30% to “wants” (extras like dining out, vacations, jewelry, etc.)

•   20% to savings and/or putting extra money toward debt repayment

This allocation prioritizes basic needs but leaves room for fun and provides a way to save for the future. It may not work for everyone, however — especially if you live in a location where rent and other costs can take a big bite out of your paycheck every month. If you find you need to make some adjustments to fit your circumstances, a budget planner app may make it easier to track your spending so you can decide where to cut back.

How to Maximize a $130,000 Salary

Besides thoughtful budgeting, there are other things you might be able to do to help get the most from your $130,000 salary, including:

Take Advantage of Employee Perks

Employer benefits can add more value to an already solid salary. For example, if your employer’s 401(k) plan offers a matching contribution, it could help you save more for retirement. And if you’re able to work remotely, you might be able to spend less each month on transportation costs (gas, maintenance, etc.) or your work wardrobe.

Minimize Account Fees

Small monthly fees can sometimes go unnoticed when you’re worrying about bigger bills, like rent or a car payment. But with a little research and comparison shopping, you may be able to avoid the common bank fees, credit card fees, and investment fees that can eat away at your hard-earned income.

Pay Bills on Time

Besides the penalty fees you might face if you push your bill-paying limits too far, late payments can take a toll on your credit score, which could affect the interest rate you might pay on a loan or credit card. Paying on time can help you protect your creditworthiness.

Build an Emergency Fund

An unexpected expense like car repairs or a vet bill, or even a temporary pay cut, can blow up your budget. Setting aside money in an emergency fund could keep you from falling behind on your regular obligations.

What Quality of Life Can You Expect with a $130,000 Salary?

The World Health Organization (WHO) defines quality of life as “an individual’s perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards, and concerns.”

In other words, contentment is somewhat subjective. And the salary you may need to feel comfortable could vary depending on your priorities and your desire to have more or better things.

When deciding if $130,000 is a good salary for you, some factors to consider might include:

•   What does success mean to you? Do you need a luxury car brand and designer clothes to be happy?

•   How much do you like to go out to eat, attend concerts, and travel? Have you been known to bust your budget for those experiences?

•   Is a big-city location a must, or is life in the suburbs or a small town more your thing?

•   If you’re new in your career, is $130,000 a good entry-level salary for the type of job you have? Do you expect to make more later?

•   How much — and how fast — are you hoping to save for short- and long-term goals, like a wedding, a home purchase, or retirement?

•   When you look at your salary through the 50/30/20 budget lens, does it seem doable?

Is $130,000 a Year Considered Rich?

“Rich” is another subjective term. If your definition of rich is what the top earners in the U.S. make, $130,000 falls short. According to the Economic Policy Institute, the top 10% of earners made, on average, $167,639 in 2021 (the most recent year for which data is available). The top 5% earned $335,891. To make it into the top 1%, you’d have to earn $819,324 or more.

But wealth isn’t necessarily determined by the number on a paycheck. If you own much more than you owe — thanks to inheriting money, owning valuable assets, or building up your savings over time — you may still have a high net worth, even if your annual income isn’t what you consider rich. And if you can live comfortably on $130,000, you may feel richer than someone who earns a high six-figure salary but can’t manage to make ends meet.

Recommended: How to Calculate Your Net Worth

Is $130,000 a Year Considered Middle Class?

Pew Research defines “middle-income” Americans as those whose annual income is two-thirds to twice the median household income, adjusted for household size. Using $59,228, the BLS’s median income number from the first quarter of 2024, a single person could earn from $39,485 to $118,456 and be considered middle income. With a $130,000 salary, you’re actually earning more than workers in that upper range.

However, being considered “middle class” may have as much to do with your lifestyle as your paycheck. A person’s status, middle class or otherwise, may also be determined by their background, education, career path, neighborhood, ability to pay their bills, and other factors.

What Kinds of Jobs Pay a $130,000 Salary?

If you’re looking for work, you’ll likely find there’s a wide range of jobs that offer a $130,000 salary, particularly in management positions. According to the BLS, while the annual mean wage for all occupations in May 2023 was $65,470, the mean wage for managers was $137,750. That category includes jobs in marketing and public relations, medical and health services, computer and information services, and more. But again, these salaries can vary significantly depending on where you live.

Tips for Living on a $130,000 Salary

Proactive planning can play an important role in living well on any salary, including $130,000 a year. Here are a few steps that could help make your money go further from month to month and year to year:

Live Within Your Means

Before you buy a car, rent an apartment, go on vacation, or make any big purchase, it can be a good idea to run the numbers one more time to be certain those costs will fit with your overall budget.

Pay Down Debt

If you’re carrying a balance on your credit cards and paying anywhere near the average interest rate (currently 27.65%), a big chunk of your paycheck could end up going just to interest each month. If you’re struggling with high-interest debt, you may want to look into a repayment plan like the snowball method to help you get back on track.

And if you’re carrying student loans and other debts from before you were earning $130,000, debt consolidation might be something to consider.

Keep an Eye on Costs

Tracking your spending with an app can help you see where your money is going in real time, which could make it easier to stick to your budget. It also can be a good idea to check your credit card and bank statements weekly or monthly.

The Takeaway

Though it may not qualify as “rich,” in most parts of the U.S. a $130,000 salary can provide a comfortable lifestyle, especially if you’re single.

You’ll still have to live within your means day to day while also working toward your long-term goals. But with the right attitude, discipline, and financial tools, you can improve your chances of success. Creating a budget that you can stick to can be an important first step.

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 $130,000 a year?

If you’re earning $130,000 a year, you’re making more than twice the median salary for U.S. workers nationwide. How well you can manage on that amount, however, may vary depending on where you live and how you spend your money.

What can I afford with a $130,000 salary?

If you’re single, you can decide your own spending priorities, whether you’re hoping to buy a house or a new car, travel the world, or all of the above. The 50/30/20 budget rule — which breaks down how much you may want to put toward your wants, needs, and savings each month — can be a useful tool for deciding what you can afford on a $130,000 salary.

How much does a $130,000 a year salary come out to hourly?

A $130,000 annual salary comes out to about $62.50 per hour if you’re working a 40-hour work week.

If you make $130,000 a year, how much does that come out to monthly?

If you’re earning $130,000 a year, that comes to about $10,833 per month before taxes and about $8,475 after federal taxes.

How much does a $130,000 annual salary come out to per day?

If you’re earning $130,000 a year, that comes to about $2,500 for a 40-hour work week, or $500 for an eight-hour workday.


Photo credit: iStock/nd3000

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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Is $60K a Good Salary for a Single Person?

Whether you’re mulling a job offer or planning your future, you may be wondering how well you could live on $60,000 a year. To figure that out, you’ll want to consider several factors, including your cost of living, existing debt and financial obligations, spending habits, where you are in your professional journey, and your financial goals.

It may also help to look at how much other workers earn. According to the latest data available from the U.S. Census Bureau, the median income in the United States in 2022 was $74,580. While $60K a year is lower than that, it’s still considered a good salary for a single person, as they typically have fewer expenses than someone who’s supporting a household.

Let’s see how $60,000 stacks up against the median salaries in different states.

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Median Income in the US by State in 2024

Incomes vary widely from state to state, with many of the highest-paying jobs by state found in the Northeast and on the West Coast. But in many cases, those same areas also have high costs of living, which can take a sizable bite out of your paycheck.

Keep that in mind as you check out the table below, which shows the median household income by state, according to the U.S. Census Bureau.

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

The cost of living is how much it costs you to pay for basic, day-to-day expenses, such as housing, food, utilities, transportation, and health care. It’s calculated as an index, with the average cost of living in the U.S. set as a baseline of 100. All states are measured against this baseline.

Here’s a look at the cost of living index by state, as aggregated by the Missouri Economic Research and Information Center.

State

Cost of Living Index

Alabama 88.3
Alaska 125.2
Arizona 108.4
Arkansas 89.0
California 138.5
Colorado 105.1
Connecticut 112.8
Delaware 101.1
Florida 100.7
Georgia 90.8
Hawaii 180.3
Idaho 98.6
Illinois 92.1
Indiana 91.0
Iowa 90.3
Kansas 87.1
Kentucky 92.0
Louisiana 91.0
Maine 109.9
Maryland 116.5
Massachusetts 146.5
Michigan 90.6
Minnesota 94.1
Mississippi 86.3
Missouri 88.5
Montana 102.9
Nebraska 90.9
Nevada 101.0
New Hampshire 114.1
New Jersey 113.9
New Mexico 94.0
New York 125.9
North Carolina 95.3
North Dakota 94.6
Ohio 94.7
Oklahoma 86.2
Oregon 114.7
Pennsylvania 95.6
Rhode Island 110.7
South Carolina 95.3
South Dakota 92.4
Tennessee 90.3
Texas 92.7
Utah 103.2
Vermont 115.3
Virginia 101.9
Washington 116.0
West Virginia 87.7
Wisconsin 95.1
Wyoming 92.4

How to Live on a $60K Salary

You don’t necessarily need a six-figure salary to live a comfortable life. If you’re earning $60,000 a year, you may find you have enough for the things you want and need. If you’re struggling to make ends meet, you may find it helpful to create a budget. There’s no one-size-fits-all approach to budgeting, but one popular method is the 50/30/20 rule. This method involves organizing your after-tax income as follows:

•   50% for necessities, such as housing, food, transportation, utilities, and debt.

•   30% for wants, such as entertainment, travel, meals out, and shopping.

•   20% for savings, including an emergency fund or retirement account.

Preparing and following a budget that includes all your income and expenditures is critical to knowing how much you can afford to spend on a home each month. A money tracker can help monitor your spending and provide valuable insights.

How to Budget for a $60K Salary

Let’s look at what a budget might look like if you earn $60,000 a year. We’ll set your take-home salary, after benefit deductions and taxes, at $3,800.

If you follow the popular 50/30/20 budgeting rule, you have:

•   $1,900 to pay for living expenses

•   $1,140 to pay for discretionary items like clothing and entertainment

•   $760 to put toward paying debt and savings

One way to stick to your budget is to track your expenses and ensure you’re not spending more than you should in each category. If you are, look for ways to cut back on unnecessary expenses. For instance, if you live in a city, you may be able to use public transportation more frequently. Or perhaps you can eat out less and cook more.

Recommended: How to Calculate Your Net Worth

Maximizing a $60K Salary

It’s possible to get the most out of your $60,000 salary. One way to do so is to live within your means. That may require settling in an area where the cost of living is low — in other words, where rent is reasonable, and food and other necessary items are more affordable.

It could also mean putting off major purchases until you’ve saved up enough to pay for them. Online tools like a budget planner app can help you monitor spending and also spot areas where you can cut back.

And if you’ve been at your job for a while and have a strong track record to show for it, you may want to consider asking for a raise or promotion.

Is $60,000 a Year Considered Rich?

A salary of $60K puts you in the richest 2.2% of the world’s population. However, in a wealthy country like the United States, a $60,000 income is not considered “rich.” Nor is it a six-figure salary.

For perspective, in order to be considered part of the top 1%, you’d need to earn $785,968 or more, according to data from the Social Security Administration.

Is $60K a Year Considered Middle Class?

Short answer, yes. The Pew Research Center defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $69,244. That means American households earning between $46,163 and $138,488 are considered middle class.

Example Jobs that Make About $60,000 a Year Salary

Looking for a new career path? Here are some jobs for introverts and extroverts alike that pay around $60k a year, according to data from the Bureau of Labor Statistics.

•   Property, real estate, and community association manager: $62,850

•   High school teacher: $65,220

•   Aircraft mechanic and service technician: $64,090

•   Real estate broker: $56,620

•   Physical therapy assistant: $58,740

The Takeaway

Is a $60K salary good for a single person? In many cases, yes. While the wage falls short of the median salary and the average pay in the United States, it’s generally considered enough for an individual to live on. Of course, just how far a dollar can go depends largely on the cost of living in your area. Living in an expensive coastal city like New York or San Francisco would require more money than, say, a smaller, more affordable city like Columbus, Ohio.

Also important is the amount of debt you have, your spending habits, your financial goals, and where you are in your professional journey. For instance, depending on your profession, earning $60,000 a year could be a good entry-level salary.

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 60K a year?

A single person can usually live well on a $60,000 annual salary. However, if you have expensive tastes, are carrying a lot of debt, live in an area with a high cost of living, or are supporting multiple people, you may find it more challenging to get by on $60,000 a year.

What can I afford with a $60K salary?

Housing is typically the biggest line item in a budget. If you earn $60,000 a year, you may be able to afford housing expenses of $1,400 a month. Another rule of thumb suggests you could afford a home worth $180,000, or three times your salary.

How much is 60K a year hourly?

If you make $60,000 a year, your hourly salary would be $28.85 after taxes.

How much is $60K a year monthly?

A yearly $60,000 salary translates to about a $5,000 monthly salary before taxes.

How much is 60K a year daily?

A salary of $60K works out to around $230 per day before taxes, if you work eight hours a day.


Photo credit: iStock/nortonrsx

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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Is $50K a Good Salary for a Single Person in 2024?

If you’re single and making $50,000 a year, you likely have enough to live on comfortably in just about any state in the U.S. This is particularly true in suburbs and smaller cities, like Jacksonville, FL, Birmingham, AL, and Toledo, OH, where the cost of living is lower than the national average. However, if you’re planning to live in a major metropolis like San Francisco, New York, or Boston, making ends meet on a $50,000 salary could be more of a challenge.

Is $50K a Good Salary?

While $50,000 a year isn’t a six-figure salary, it’s often enough for a single person to be able to afford the basics — think housing, utilities, food, and insurance — and still have cash left over for fun and savings.

If you’re just entering the job market after graduating college, $50,000 can be a good entry-level salary, especially if you decided to live at home for a while. Doing so can help you build up your bank account, so when it comes time to find a place to live, you’ll have a financial cushion to show potential landlords.

And remember, whether you’re earning $50K a year at your first job or less, your income will likely increase with time and experience. As your earning potential grows, a money tracker can help you keep an eye on where your paycheck is going.

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Average Median Income in the US by State in 2024

According to the latest data from the Social Security Administration, the average salary in the U.S. is $63,795. The Bureau of Labor Statistics (BLS) reports the median average salary, which represents the midpoint of salaries in the U.S., was $59,540 in 2023.

The chart below shows the list of the average median income in each U.S. state according to USA Today and Blueprint, based on BLS data:

State Average Median Income
Alabama $57,564
Alaska $66,820
Arizona $65,780
Arkansas $53,716
California $84,448
Colorado $74,152
Connecticut $78,572
Delaware $64,896
Florida $64,168
Georgia $64,844
Hawaii $62,296
Idaho $53,976
Illinois $70,564
Indiana $57,304
Iowa $56,264
Kansas $56,212
Kentucky $57,200
Louisiana $56,836
Maine $58,396
Maryland $72,904
Massachusetts $86,840
Michigan $63,440
Minnesota $68,380
Mississippi $48,048
Missouri $59,800
Montana $55,744
Nebraska $57,784
Nevada $61,828
New Hampshire $72,124
New Jersey $76,128
New Mexico $57,564
New York $84,292
North Carolina $62,296
North Dakota $61,568
Ohio $60,320
Oklahoma $54,704
Oregon $66,612
Pennsylvania $66,404
Rhode Island $63,492
South Carolina $56,108
South Dakota $53,820
Tennessee $62,140
Texas $68,744
Utah $61,516
Vermont $61,100
Virginia $71,292
Washington $85,748
West Virginia $55,900
Wisconsin $58,552
Wyoming $56,992

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 basic necessities. Based on data from Forbes Advisor, here’s the average cost of living per state in 2024:

State Average Cost of Living
Alabama $33,654
Alaska $48,670
Arizona $39,856
Arkansas $32,979
California $53,171
Colorado $45,931
Connecticut $46,912
Delaware $44,389
Florida $40,512
Georgia $38,747
Hawaii $55,491
Idaho $37,658
Illinois $41,395
Indiana $36,207
Iowa $35,871
Kansas $35,185
Kentucky $35,508
Louisiana $35,576
Maine $39,899
Maryland $48,235
Massachusetts $53,860
Michigan $37,111
Minnesota $41,498
Mississippi $32,336
Missouri $35,338
Montana $37,328
Nebraska $37,519
Nevada $41,630
New Hampshire $45,575
New Jersey $49,511
New Mexico $34,501
New York $49,623
North Carolina $36,702
North Dakota $35,707
Ohio $35,932
Oklahoma $33,966
Oregon $46,193
Pennsylvania $40,066
Rhode Island $44,481
South Carolina $34,826
South Dakota $36,864
Tennessee $34,742
Texas $37,582
Utah $40,586
Vermont $43,927
Virginia $43,067
Washington $47,231
West Virginia $34,861
Wisconsin $37,374
Wyoming $37,550

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

How to Live on a $50K Salary

To make sure you can live on a $50,000 salary without being stretched too thin, you’ll want to review your overall spending and create a budget. Online tools like a budget planner app can help with that.

When it comes to defining “living comfortably,” your salary would ideally be able to fit the guidelines of a 50/30/20 budget. This method suggests that 50% of your earnings covers your needs, such as housing, utilities, groceries and healthcare costs, 30% goes toward your wants, such as entertainment, hobbies and travel, and 20% goes toward savings and paying off debt.

How to Budget for a $50K Salary

Before you can create a budget, it helps to estimate how much you bring home. Here’s a breakdown of a $50,000 annual salary (40-hour work week, 52 weeks a year):

•   Monthly income: $4,166.93

•   Biweekly paycheck: $2,083.46

•   Weekly income: $961.60

•   Daily pay: $192.32

The figures above do not factor in taxes, so someone with an annual salary of $50,000 may actually end up taking home closer to $41,860.

Once you crunch the numbers and figure out how much you’ll need for your basic needs, you can see how much money you’ll have for the other 50% to cover your wants and savings.

Maximizing a $50K Salary

A person with a $50,000 salary can afford to spend about $1,250 a month on rent, which can be tough if you want to live alone. The average monthly rent in the U.S. is about $1,515, according to Apartments.com. Sharing an apartment or renting a house with another person can save you money on housing, allowing you more room to put your money toward other necessities.

Other ways to maximize making $50,000 a year include limiting dining out, shopping smartly when it comes to buying groceries, being mindful of utility usage, and riding your bike, walking, or taking public transportation to save on fuel costs.

Recommended: How to Calculate Your Net Worth

Is $50,000 a Year Considered Middle Class?

Yes. According to the Pew Research Center, people who have annual incomes between $39,693 and $119,080 in 2023 are considered middle-income or middle class.

While $50,000 a year may not be considered rich, you’re certainly living well above the poverty line, which for a single person household is between $12,880 and $16,090, depending on the state.

Examples of Jobs that Make About $50,000 a Year

Per the BLS, here are some of the occupations where you can earn $50,000 a year, some of which would be good jobs for introverts:

•   Automotive service technician and mechanic

•   Bookkeeping, accounting, and auditing clerk

•   Construction laborer

•   Correctional officer

•   Dental assistant or laboratory technician

•   Event planner

•   Firefighter

•   Makeup artist

•   Massage therapist

•   Mortician

•   Paramedic

•   Postal service mail carrier

•   Real estate sales agent

•   Secretary and administrative assistant

•   School bus driver

•   Social worker

•   Travel agent

•   Veterinary technician

•   Welder

The Takeaway

Is $50k a good salary for a single person? Generally speaking, yes. An annual salary of $50,000 is considered a middle-class income, and can be a comfortable wage for a recent graduate or a person starting a new career. A single person may not be able to live large in some areas of the country, but that doesn’t mean they can’t live comfortably elsewhere.

Depending on the cost of living in your area, making ends meet on $50,000 a year might require sharing a living space, keeping close tabs on your spending, and forgoing some luxuries. However, you should still have enough to take care of your basic needs with some left over to put toward your 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 $50K a year?

It depends on where you live. People making $50,000 a year can find a place to live easily in every state in the U.S., though it will be challenging if you decide to live in one of America’s largest cities. Still, a $50,000 annual salary is above the median cost of living in most states, so it’s possible to enjoy a comfortable lifestyle within your means.

What can I afford with a $50K salary?

With a $50,000 a year salary, you’d need between $20,000 and $35,000 for basic needs, including housing, groceries, healthcare, transportation, and other fixed expenses. That means you may have less than $15,000 for everything else. What you can afford will depend heavily on your geographical location and other factors, such as having a car payment and student loans.

How much is 50K a year weekly, hourly and daily?

Based on a 40-hour work week, the average weekly pay for someone who makes $50,000 a year (before taxes) is $961.60. Someone making $50,000 earns $24 an hour and approximately $192 a day.


Photo credit: iStock/Delmaine Donson

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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