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 |
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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.
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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.
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
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