Salary Needed to Live Comfortably in US as Single Person
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Seems high to me, but not really sure.
https://smartasset.com/data-studies/salary-needed-live-comfortably-2024
On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future. It’s even more expensive for families, who need to make an average combined income of about $235,000 to support two adults and two children without the pressure of living paycheck to paycheck.
Top 10 Cities With the Lowest Salaries Needed to Live Comfortably
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Houston, Texas
Hourly wage needed for a single adult: $36.10
Annual salary needed for a single adult to live comfortably: $75,088
Combined salaries for two working adults with two children needed: $175,219 -
El Paso, Texas
Hourly wage needed for a single adult: $36.18
Annual salary needed for a single adult to live comfortably: $75,254
Combined salaries for two working adults with two children needed: $180,461 -
Lubbock, Texas
Hourly wage needed for a single adult: $36.24
Annual salary needed for a single adult to live comfortably: $75,379
Combined salaries for two working adults with two children needed: $181,043 -
Toledo, Ohio
Hourly wage needed for a single adult: $37.26
Annual salary needed for a single adult to live comfortably: $77,501
Combined salaries for two working adults with two children needed: $208,416 -
Laredo, Texas
Hourly wage needed for a single adult: $37.72
Annual salary needed for a single adult to live comfortably: $78,458
Combined salaries for two working adults with two children needed: $179,046 -
Milwaukee, Wisconsin
Hourly wage needed for a single adult: $38.30
Annual salary needed for a single adult to live comfortably: $79,664
Combined salaries for two working adults with two children needed: $237,952 -
Lexington, Kentucky
Hourly wage needed for a single adult: $38.46
Annual salary needed for a single adult to live comfortably: $79,997
Combined salaries for two working adults with two children needed: $196,102 -
Tulsa, Oklahoma
Hourly wage needed for a single adult: $38.98
Annual salary needed for a single adult to live comfortably: $81,078
Combined salaries for two working adults with two children needed: $199,430 -
Wichita, Kansas
Hourly wage needed for a single adult: $39.04
Annual salary needed for a single adult to live comfortably: $81,203
Combined salaries for two working adults with two children needed: $186,784 -
Cleveland, Ohio
Hourly wage needed for a single adult: $39.32
Annual salary needed for a single adult to live comfortably: $81,786
Combined salaries for two working adults with two children needed: $217,984
Top 10 Cities With the Highest Salaries Needed to Live Comfortably
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New York City, New York
Hourly wage needed for a single adult: $66.62
Annual salary needed for a single adult to live comfortably: $138,570
Combined salaries for two working adults with two children needed: $318,406 -
San Jose, California
Hourly wage needed for a single adult: $65.74
Annual salary needed for a single adult to live comfortably: $136,739
Combined salaries for two working adults with two children needed: $334,547 -
Irvine, California
Hourly wage needed for a single adult: $60.96
Annual salary needed for a single adult to live comfortably: $126,797
Combined salaries for two working adults with two children needed: $291,450 -
Santa Ana, California
Hourly wage needed for a single adult: $60.96
Annual salary needed for a single adult to live comfortably: $126,797
Combined salaries for two working adults with two children needed: $291,450 -
Boston, Massachusetts
Hourly wage needed for a single adult: $60.08
Annual salary needed for a single adult to live comfortably: $124,966
Combined salaries for two working adults with two children needed: $319,738 -
San Diego, California
Hourly wage needed for a single adult: $59.04
Annual salary needed for a single adult to live comfortably: $122,803
Combined salaries for two working adults with two children needed: $289,453 -
Chula Vista, California
Hourly wage needed for a single adult: $59.04
Annual salary needed for a single adult to live comfortably: $122,803
Combined salaries for two working adults with two children needed: $289,453 -
San Francisco, California
Hourly wage needed for a single adult: $57.48
Annual salary needed for a single adult to live comfortably: $119,558
Combined salaries for two working adults with two children needed: $339,123 -
Seattle, Washington
Hourly wage needed for a single adult: $57.40
Annual salary needed for a single adult to live comfortably: $119,392
Combined salaries for two working adults with two children needed: $283,712 -
Oakland, California
Hourly wage needed for a single adult: $57.10
Annual salary needed for a single adult to live comfortably: $118,768
Combined salaries for two working adults with two children needed: $316,243
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This includes being able to pay off debt and invest for the future.
What debts? What would the income need to be if there is no "debt" to begin with? What would the numbers look like after you have paid off the mortgage and own your house free and clear?
What's "invest for the future"? Merely funding a retirement account? To what extent?
It’s even more expensive for families, who need to make an average combined income of about $235,000 to support two adults and two children ...
Does that include "saving or college"?
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Yeah, those numbers are way off…
A family must make over $300k to raise two kids comfortably in six cities. Two working adults need to make a particularly high combined income in San Francisco ($339,123); San Jose ($334,547); Boston ($319,738); Arlington, VA ($318,573); New York City ($318,406); and Oakland, CA ($316,243) to raise two children with enough money for needs, wants and savings.
There are A LOT of variables, here. Do the jobs require childcare? Does their lifestyle necessitate owning a car? Does it necessitate owning 2? Did they walk in to the relationship with 20% down for a home?
Let’s assume the worst.. Arlington - Both Parents work the exact same hours Mon-Fri so the two kids (aged 2 & 3, so school is not an option and daycare is necessary) . Also, both jobs are not conducive for taking mass transit, and are not near enough for car share… 2 vehicles. And they were broke when they met, so they are renting a 2 bedroom apartment…
$2300 per month or $27,600 annual rent - https://www.zillow.com/homedetails/1200-S-Courthouse-Rd-APT-539-Arlington-VA-22204/2082052342_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
Grocery budget between $600-1,000 a month. Let’s call it $800, or $9600.
Electric, Water, Sewage - $250 per month or $3K per year. Let’s add on Fios at $1200 per year.
Two modest car payments would be another $6K per year ($250 each)
Childcare would be $1600 per single child, or $2400 per month for both. So that’s $28,800.
Let’s add $5K for gas and maintenance for the cars and what… $3500 for car insurance? $16K for medical insurance… That’s a total of $129,500. So based on those numbers, and their formula, that family needs a net of $260K.
But…
The formula calls for 30% to be for entertainment. $78,000 seems to me to be WAAAAYYYY too much to be spending for a family of 4 for entertainment, especially as I put the cable and internet into the 50% needs. I would suggest that less than half would be sufficient for a GREAT vacation, movie, museum, concert tickets throughout the year, various kids activities, toy, and such. $26K would give them more than enough….
As for the 20% debt/savings/retirement… That sounds right, but the drop in the entertainment budget will also affect this. $210K per year would be the gross… Add on taxes and you are going to be coming out about $240K per year. Even that seems to be high to me, as there is plenty of shaving we can do to that first section to bring it down quite a bit…
