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

By Caroline Banton · June 04, 2024 · 7 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

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.

Check your score with SoFi Insights

Track your credit score for free. Sign up and get $10.*


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.

SORL-Q224-1840878_V1

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store
SoFi Android App, Get it on Google Play

TLS 1.2 Encrypted
Equal Housing Lender