Salary Needed to Live Comfortably

While cost of living premiums and inflation metrics capture the price increases in goods and services, they do not necessarily account for all the additional costs needed to live comfortably – such as a buffer from the stress of living paycheck to paycheck.

The 50/30/20 budget recommends that for sustainable comfort, 50% of your salary should be allocated to your needs, such as housing, groceries and transportation; 30% toward wants like entertainment and hobbies; and 20% toward paying off debt, saving or investing. Applying the local cost of necessities and taxes to this rule, we can derive the pre-tax salary needed to live comfortably in 99 U.S. cities.

Key Findings

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.
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.
It takes the most money to live comfortably as a single person in New York City. This breaks down to $66.62 in hourly wages, or an annual salary of $138,570. To cover necessities as a single person in New York City, you’ll need an estimated $70,000 in wages.

Top 10 Cities With the Lowest Salaries Needed to Live Comfortably

1. 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

2. 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

3. 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

Top 10 Cities With the Highest Salaries Needed to Live Comfortably

1. 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

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

Data and Methodology

SmartAsset used MIT Living Wage Calculator data to gather the basic cost of living for an individual with no children and for two working adults with two children. Data includes cost of necessities including housing, food, transportation and income taxes. It was last updated to reflect the most recent data available on Feb. 14, 2024.

Applying these costs to the 50/30/20 budget for 99 of the largest U.S. cities, MIT’s living wage is assumed to cover needs (i.e. 50% of one’s budget). From there the total wage was extrapolated for individuals and families to spend 30% of the total on wants and 20% on savings or debt payments.

Questions about our study? Contact us at press@smartasset.com

Photo credit: ©iStock.com/monkeybusinessimages

Salary Needed to Live Comfortably – 2024 Study (2024)

FAQs

How much do you need to make to live comfortably in 2024? ›

The findings are eye-opening: to lead a comfortable life in a major U.S. city, an individual needs to earn, on average, an annual pre-tax salary of $96,500. This takes into account necessities, debt obligations, and investments for the future.

Read The Full Story ›

What salary is needed to live comfortably in the USA? ›

The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people.

Get More Info Here ›

What is the average middle class salary in 2024? ›

What is the average middle class income? In 2024, a large U.S. city's middle-class income averages between $52,000 and $155,000, with the median household income across all 345 cities at $77,345, making middle-class income limits fall between $51,558 and $154,590, SmartAsset noted.

How much money does a family of four need to live comfortably? ›

Out of all 99 cities SmartAsset examined, a family of four would need a median of $226,886 to live comfortably.

Tell Me More ›

Is 30k a year enough to live comfortably? ›

It's quite possible to live well on $30,000 per year if you're debt-free, but what if you have debt? I would recommend trying to pay it off as quickly as possible with the debt snowball approach. Cut your expenses as much as you can and put the amount you save toward debt each month.

Know More ›

Is $40,000 salary livable? ›

A $40,000 salary may be sufficient for an individual in a low-cost area, but it may not be enough for a family to live comfortably in most parts of the US. Rising inflation has made it more challenging to live on a $40,000 salary, but it still exceeds the poverty threshold for families.

View Details ›

What is a good hourly wage to live comfortably? ›

Living Wage Calculation for California

	1 ADULT	2 ADULTS (1 WORKING)
	0 Children	3 Children
Living Wage	$27.32	$54.51
Poverty Wage	$7.24	$17.59
Minimum Wage	$16.00	$16.00

Learn More Now ›

Is 70k a good salary in USA? ›

According to the Bureau of Labor Statistics's most recent data (May 2022), the average salary nationwide is $61,900, which means that $70,000 is a common salary — but above the national average.

Is 3000 dollars a month a good salary in USA? ›

Whether $3000 a month is good for you depends on the number of family members you have and the quality of living you want to sustain. If you're single and don't have a family to take care of, $3000 is enough to get you through the month comfortably.

Tell Me More ›

Is 75k a year upper class? ›

Most Americans consider the lower end of that range, $75,000 and $100,000, to be middle class, according to the Post poll.

Read On ›

Is 150k a year upper middle class? ›

However, new research from GOBankingRates shows that in some major U.S. cities, an annual income of $150,000 is only enough to qualify as “lower middle class.” This is especially pronounced in two Northern California cities and Arlington, Virginia.

Explore More ›

Is 70k a middle class salary? ›

Middle Class Income in 2024

But data from the U.S. Census Bureau cites a different number as the average salary: just under $75,000. What does this all mean? By the Census data, it means that if you earn between $50,000 and $150,000 a year, you are considered middle class.

Learn More Now ›

What is considered middle class? ›

As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828. Across the nation's largest cities, the range is between $51,558 and $154,590, according to SmartAsset.

Can a family of 4 live off 50k? ›

$50,000 per year is considered a moderate income in the United States, and many individuals and families manage to live comfortably on this income.

View Details ›

What is a good salary to sustain a family? ›

San Francisco, California

To meet their basic needs, families need an income of $113,737, meaning the average income surpasses the required income by 110.94%.

Tell Me More ›

Is $25,000 a year livable? ›

The quick answer to this question is yes—two people can live on $25,000 a year. But it would be very difficult if you had a mortgage, auto loan, credit card debt or student debt. Plus, you would have to live in an area with a low cost of living.

Explore More ›

Can a person live on $30 000 a year? ›

Time isn't just money; in some ways, it costs money. So while it's comforting to know that it's possible to live on $30,000 a year, it's also a good idea to aim higher and save more when you're young, because you can't know for certain what the future will cost and you may want some flexibility.

Explore More ›

Is $25 an hour a livable wage? ›

An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...

Read The Full Story ›

Salary Needed to Live Comfortably – 2024 Study (2024)

Key Findings

Top 10 Cities With the Lowest Salaries Needed to Live Comfortably

Top 10 Cities With the Highest Salaries Needed to Live Comfortably

Data and Methodology

Questions about our study? Contact us at press@smartasset.com

FAQs

How much do you need to make to live comfortably in 2024? ›

Is 150k a year upper middle class? ›

References