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 2024 was $81,604. 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.
Table of Contents
Key Points
• Median household income varies significantly by state.
• How far a $60,000 salary can go and whether you can live comfortably depends on the cost of living in your area.
• There are many jobs, such as a high school teacher and property manager, that pay $60,000 or more a year.
• The 50/30/20 budgeting strategy can help you manage your salary and expenses.
• In the U.S., an annual salary of $60K is considered middle class, not rich.
Check your score with SoFi Insights
Track your credit score for free. Sign up and get $10.*
Median Household Income in the US by State
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 | $66,659 |
| Alaska | $95,665 |
| Arizona | $81,486 |
| Arkansas | $62,106 |
| California | $100,149 |
| Colorado | $97,113 |
| Connecticut | $96,049 |
| Delaware | $87,534 |
| Florida | $77,735 |
| Georgia | $79,991 |
| Hawaii | $100,745 |
| Idaho | $81,166 |
| Illinois | $83,211 |
| Indiana | $71,959 |
| Iowa | $75,501 |
| Kansas | $75,514 |
| Kentucky | $64,526 |
| Louisiana | $60,986 |
| Maine | $76,442 |
| Maryland | $102,905 |
| Massachusetts | $104,828 |
| Michigan | $72,389 |
| Minnesota | $87,117 |
| Mississippi | $59,127 |
| Missouri | $71,589 |
| Montana | $75,340 |
| Nebraska | $76,376 |
| Nevada | $81,134 |
| New Hampshire | $99,782 |
| New Jersey | $104,294 |
| New Mexico | $67,816 |
| New York | $85,820 |
| North Carolina | $73,958 |
| North Dakota | $77,871 |
| Ohio | $72,212 |
| Oklahoma | $66,148 |
| Oregon | $85,220 |
| Pennsylvania | $77,545 |
| Rhode Island | $83,504 |
| South Carolina | $73,350 |
| South Dakota | $76,881 |
| Tennessee | $71,997 |
| Texas | $79,271 |
| Utah | $96,658 |
| Vermont | $82,730 |
| Virginia | $92,090 |
| Washington | $99,389 |
| West Virginia | $60,798 |
| Wisconsin | $77,488 |
| Wyoming | $75,532 |
Average Cost of Living in the US by State
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. Here’s what you need to know about the average cost of living in the U.S. by state, based on U.S. Bureau of Economic Analysis data.
| State | Average Cost of Living |
|---|---|
| Alabama | $47,096 |
| Alaska | $66,356 |
| Arizona | $56,211 |
| Arkansas | $46,2594 |
| California | $67,565 |
| Colorado | $66,448 |
| Connecticut | $66,645 |
| Delaware | $60,131 |
| Florida | $62,618 |
| Georgia | $52,806 |
| Hawaii | $60,711 |
| Idaho | $48,098 |
| Illinois | $60,612 |
| Indiana | $51,821 |
| Iowa | $49,473 |
| Kansas | $51,082 |
| Kentucky | $48,901 |
| Louisiana | $50,454 |
| Maine | $63,046 |
| Maryland | $58,310 |
| Massachusetts | $71,946 |
| Michigan | $54,1971 |
| Minnesota | $58,433 |
| Mississippi | $43,947 |
| Missouri | $54,405 |
| Montana | $58,499 |
| Nebraska | $54,512 |
| Nevada | $56,103 |
| New Hampshire | $68,900 |
| New Jersey | $65,873 |
| New Mexico | $48,119 |
| New York | $66,426 |
| North Carolina | $53,334 |
| North Dakota | $58,090 |
| Ohio | $52,708 |
| Oklahoma | $46,319 |
| Oregon | $58,150 |
| Pennsylvania | $59,260 |
| Rhode Island | $58,041 |
| South Carolina | $51,423 |
| South Dakota | $54,100 |
| Tennessee | $51,507 |
| Texas | $54,060 |
| Utah | $52,677 |
| Vermont | $62,629 |
| Virginia | $58,224 |
| Washington | $62,837 |
| West Virginia | $50,286 |
| Wisconsin | $54,705 |
| Wyoming | $55,543 |
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 a retirement account.
Preparing and following a budget that includes all your income and expenditures are 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 building up your 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 where 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 1% 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.
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 2024 was $81,604. That means American households earning between $56,600 and $169,800 are considered middle class.
Examples of Jobs That Make About $60,000 a Year
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: $66,700
• High school teacher: $64,580
• Real estate broker: $58,960
• Physical therapy assistant: $60,050
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 to consider are 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.
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, carry a lot of debt, live in an area with a high cost of living, or support 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.
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.
SORL-Q126-042