To find the best cities in America to live on a $60,000 salary, we compared 97 cities (all with a population of at least 60,000 and a median household income of between $55,000 and $65,000) across the following nine metrics: median household income, median monthly housing costs, housing costs as a percentage of a $60,000 income, entertainment establishments per 10,000 residents, civic . The annual utilities cost in Idaho is among the lowest in the study. Median weekly salary: $684 The average salary for ages 25-34 As people reach the 25-34 age bracket, they have more work experience and potentially begin to receive raises and promotions. What each budget shows me is how careful one must be with the major expenses like housing and transportation. Keep up the good work! 50 Powerful Financial Affirmations for Manifesting Money! I made more than twice that in my first job after law school, although most of my income went. You will have a $50 water bill at a minimum and trash service is at least $40. While the cost of living in New Hampshire is high, the state also has a lot of residents with higher incomes, leading to a median salary of $77,923 a year. So, no, try at least $300 for gas. Position Title: Pest Control Technician. one of the coming year (National Conference of State Legislatures, 2019). Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Were able to save money every month, despite a mortgage and property taxes. 2023 GOBankingRates. With a median income of $59,896 residents are $787 short of a living wage, on average. Big bucks. Personally, I think the entertainment value is too high. Thats just what you do. The median income is a whopping $85,245 and enough to surpass the living wage. Even for a state with an average annual income of $78,672, those are costs that are hard to bear. We heard that, while $75,000 is a comfortable salary for a single person in San . The annual cost of living in the Garden State is $36,386, but that also comes with higher wages in the state. With a 60k salary I took out 12k for taxes and then divided by 12 for $4000/mo. Half of the households in California are barely pulling in $50,000 a year similar to what we see across the US. Yet if you live in the Bay Area, $60,000 a year will put you in the bottom 39 percent of all households. Rarely do we see financial articles actually try and breakdown a budget of how it would be to live on this kind of income. With housing prices almost $5,000 above the national average, it costs $17,280 a year to live in Vermont. Inflation is raising those expenses every year and your paycheck will not budge that extra $46 a month wont be there next year. They barely qualified for a loan for the remaining $100,000k. With the median income in the state reaching $77,006, residents have $3,541 left. Perhaps if you shopped Goodwill? So based on that you can kiss your entertainment and savings good bye. With a median income of $75,231, the average Coloradan can bank $9,447 at the end of the year. Here is also my updated budget of living on $5,000 a month as a couple. FLSA: Exempt JOB TITLE: Store Manager DEPARTMENT: Store Operations SALARY RANGE: $60K-$72K REPORTS TO: District Manager General Summary. Also, with gas at over $3.00 per gallon, unless you are allowed the privilege to work from home, it costs well over $100 a month for gas for my used automobile, the payment on which is over $200. While Kentucky has a low cost of living thats largely in line with states such as Indiana, Illinois and Iowa, the median salary of just $52,238 leaves a $3,432 gap to a living wage despite below-average costs. joeality 6 yr. ago I disagree, it's only required to spend $1700 a month if you refuse to have roommates. So they can continue to make payments until they are 60 something its really pathetic. . Ohioans come out just about even in the survey. Its called save for the next 4 months for what you really need extra. The views presented are those of the author and do not necessarily represent the views of DoD or its components, nor any other companies referred to. I lumped it all into one section Rent/Mortgage + Utilities. There was an unknown error. Relatively healthy people in our example and the cost should be about $350 a month. You can do a little research on places like eHealthInsurance and find similar health plans. Nevada is a relatively expensive state where residents dont appear to be earning enough to cover costs. 55k was a great single person salary in about 2006. In general, 60k is a good salary for any state in the United States, but the cost of living in California is higher than in most other states. To live comfortably here as a single person, youd need to be making well over $87,000. Home prices are averaging around $250k and those upper middle class homes start at $550k easily. Not only are costs lower than the national average in Illinois, but residents there are also earning a median salary of $68,428. Thanks for the laugh, though. Making a livable wage can be a lifelong struggle. Rental $1900 for a simple, no thrills, minimal convenience 3 bedroom house, and that is CHEAP for my area. Residents of the Rocky Mountain State actually have some money to spare. So someone that spends $100 per month on their cell phone bill will see that as the only way because who can survive with a cell phone that doesnt have the highest data plan? ( : Hi Susie. California State tax is calculated by identyfying your taxable income in California and then applying this against the personal income tax rates and thresholds identified in the California state tax tables (see below for currect California State Tax Rates and historical California Tax Tables supported by the California State Salary Comparison Sharing helps to keep the California Salary and California State Tax Calculator free to use. Makes me sick to my stomach. Summary. The tool provides information for individuals, and households with one or two working adults and . While Hawaiis astronomical gap of more than $50,000 between its median salary and its living wage is No. So based on that you can kiss your entertainments and savings good bye! We moved here about 7 years ago from LA. . After Hawaii, no state is as expensive to call home as the Empire State. Ive been doing it with a family of 5 for the last 10-15 years, but I dont live in Cali, and it is getting more and more difficult. If I made that amount per year, this is how I would budget my cost of living. Dont think so. Lower limit of top 5%: $250,000. ( Not a starting salary). Thank you for catching that, it has been corrected. Net pay is the amount of money you make in a year or a month. Dr. Amy K. Glasmeier Whatever your reason, the Salary Comparison Calculator is an excellent tool for comparing payroll deductions and Federal/State income taxes with supporting salary examples that detail how each salary is calculated and the percentage of your salary that goes on Federal tax and California State tax. If you are of an age to receive Social Security benefits, it is likely that you are not getting the overall maximum monthly payment of $4,555. You need to carve out at least 25% (if not more) of your monthly take home for things that arent on your budget, as life has a way of handing you a $1000 setback at least once a year if not twice (sure you could use your savings and entertainment budget, but then why call them that at all). 40 bucks a month for electricity? We donate regularly to nonprofit groups that stand ready to help those needing shelter, food, and careeven to agencies that help people get control of their finances. Cell: Seriously, no need for the $100 a month contracts. What are you, JayZ? Get a Virgin Mobile plan for $35 a month and save hundreds of dollars a year. They even offer 4G services. Be smart and add on Skype or Google Voice and use the network to save on minutes if you need to. $100 a month for cell phones is nuts. You can also get prepaid plans for much cheaper like $20 a month. Median Income: Others take a look at the median annual income, and then go $20,000 to either side. I can tell you though, that the budget as posted will make you a regular visitor to the payday loan franchise of your choice. $60k per year is a really good salary to live comfortably on. Other than that , no turned down 75 k a year and that was 14 years ago , did the cola math. It is never going to happen on 60k 3BR house, utilities alone is about 2300$ /mo in Texas. All Rights Reserved. 11 Colleges With the Most Billionaire Alumni. the current location. Food? Experts: 4 Steps To Achieving Your Financial Goals for 2023, 22 Side Gigs That Can Make You Richer Than a Full-Time Job. Even for a state with an average annual income of $78,672, those are costs that are hard to bear. Marylands living wage of nearly $83,000 is among the highest in the country. Is $60,000 a year a Good Salary in the US? Lets say after taxes you get to keep like 50k after taxes. The gap between the median income of $54,833 and the $55,862 living wage in Tennessee is $1,029, but thats driven more by lower wages than higher costs. My bills are generally 2-3x all your estimates today and it barely covers cost without any savings. Thats why GOBankingRates conducted a study to identify the annual living wage needed to live comfortably in each of the 50 states, and it revealed that even if youre living comfortably in one region, you could be living paycheck to paycheck in another. Car payment of $200 is never going to happen for most people, however it is possible to keep avg auto exp in tht range by purchasing an older car with low miles. Please contact us to bring attention to any errors. Is 60k a Good Salary in Florida? The average annual housing costs in South Dakota of $11,823 are $781 lower than the national average. Income tax calculator California If you make $60,000 a year living in the region of California, USA, you will be taxed $14,053. My question is how can I live on less than 10,000 a year? People stand outside of a home for sale in the East English Village neighborhood of Detroit. So 60k a year jobs and income may not go as far there as it would in a less expensive area and it may not be enough to live comfortably. Average Salary for Ages 35-44. [Optional] Select an alternate state, the California salary comparison calculator uses California as default, selecting an alternate state will use the tax tables from that state. While 60K is an okay salary, I find that saving even 300 a month is nearly impossible and I am one of the most frugal people around. to motivate pupils to develop attitudes and knowledge needed to provide a good foundation for elementary grade . Car payments: Unfortunately living in California you will likely need to drive a lot. Were assuming two cars with car payments of $300 a month. This will get you a Civic or Focus. Excellent cars. Cars that would have made our parents go bananas and feel as if they were in a real life version of Star Trek. Were talking middle class here, not a Lexus on $60,000 a year. You didnt mention car tags either and most people have kids. That may simply boil down to where you choose to live. I make 60,000 / year and its not that great anymore especially in 2021. Below Ive broken down a sample budget of a family making $60,000 a year and living in California: Net pay: After taxes and other mandatory expenses, your net pay will likely be $3,935 or close to $4,000. When looking for a new job, its typical to try to figure out if it will be a good salary or wage. Groceries are well over $150 a month at todays prices and I dont eat meat, but once you consider laundry detergent, toiletries, dog food, even on my vegetarian diet, I spend more than that. Press Calculate. Tax Policies: Of course, if you look at . The itemized costs of living evaluated were housing, groceries, utilities, healthcare and transportation, collectively termed necessities. Based on each states respective cost of living index for each category, sourced from the Missouri Economic Research and Information Centers 2022 Q1 Cost of Living Data Series, the study calculated the annual cost of each necessity and summed them up to find total annual expenditure on necessities. They said forget that! Of course, all of that won't show up in your bank account. Housing: You can certainly find a rental for $1,500 a month. Depending on where you live, this might have to be a one bedroom but you can certainly find something like this in any metro area if you spend some time scouring Craigslist. LA is its own beast. Well they happen.but you prob shouldnt have them unless you are rich. Pennsylvania has housing costs that are just above the national average at $10,776 a year. Take Our Poll: Do You Think You Will Be Able To Retire at Age 65? Aerial view of a neighborhood in Houston. Hulu, Netflix, Prime & UVerse, wife already says were not getting rid of that so, around $180 a month, that includes purchasing avg 2 movies on prime a month. I appreciate your kind words. Youre correct to point out that each individual case is different. They will set you back $20,000 per year (so a newish car every year as if you were paying it outright) if you want to send that kid to college by the time they hit 18 and it costs $250,000 to go to a State University. Not in the United States. That said, the number conceals considerable variation by gender. The calculator will then produce your salary after tax calculation and comparisons. State If you are in a rush or simply wish to browse different salaries in California to get an idea of how Federal and State taxes affect take home pay, you can select one of our pre-built salary example for California below.