What is a stable income for a single person?
On average, single workers in the US require an annual income of $57,200 to make a living wage in America, according to the analysis by GOBankingRates. That amount is a couple thousand less than the average income of all American workers, regardless of marital status — $59,428, according to Forbes.
| RANK | STATE | INCOME REQUIRED |
|---|---|---|
| 47 | New York | $73,226 |
| 48 | California | $80,013 |
| 49 | Massachusetts | $87,909 |
| 50 | Hawaii | $112,411 |
A recent survey conducted by Moomoo Financial Inc. found that the majority of Americans (69%) believe that financial stability is achievable for those earning less than $100,000, with 25% believing they would only need less than $50,000 in annual income to be on firm financial footing.
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $47,000 | $23 |
| 75th Percentile | $40,000 | $19 |
| Average | $33,281 | $16 |
| 25th Percentile | $25,500 | $12 |
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 ...
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $21.24 | $30.06 |
| Poverty Wage | $6.53 | $6.67 |
| Minimum Wage | $15.50 | $15.50 |
This brings us to the question -- can a retired person live on $4,000 a month? The answer is yes, almost 1 in 3 retirees today are spending between $2,000 and $3,999 per month, implying that $4,000 is a good monthly income for a retiree.
Pew Research considers middle class to be $56,000 to $156,000 for families of three. Thus, a family of three on $20,000 is not middle-class; it's actually below the poverty level. While an individual on $20,000 a year is not below the poverty line, they are still not considered middle-class.
A new study from a group of scientists found that the limit in terms of whether money can buy happiness starts to max out once someone hits $500,000 a year. It's a far cry from past research, in which one study established the idea that happiness plateaus after $75,000.
What is a Good Salary in the US? A good salary in the US depends on various factors, but generally, a comfortable standard of living is attainable with an annual income of around $70,000 to $100,000 for a single individual.
How much money do you have to make to not worry about money?
“On average, Americans believe it takes approximately an additional $284,000 above feeling wealthy to really be 'worry-free. ' This 'wealth delta' depends greatly on where you are in life, with the difference being highest for those in their 30s and 40s — peaking at nearly $1 million.
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $64,642 | $31 |
| 75th Percentile | $49,800 | $24 |
| Average | $42,778 | $21 |
| 25th Percentile | $31,600 | $15 |
The Sept. 8 report said the minimum annual income required in 2023 for a family of four to be middle class in California is $69,064. Alabama and Arkansas both required the lowest minimum income to be considered middle class, at $51,798.
There are folks at the Bureau of Labor Statistics who keep track of what Americans spend on everything from cereal to housing. And they say the average monthly expenses for an American household add up to about $6,081. That equals $72,967 per year.
A true living wage that supports a basic standard of living without food and housing insecurity would be between $20 and $26 or more per hour, depending on the state.
It obviously depends on where you live in California but on average no. At least not comfortably. A full time job making $17/hr would be a take home pay of about $2,400/month after taxes.
The state's current minimum wage is the same as the federal benchmark—just $7.25 an hour—a sum that Shapiro has said is “not a livable wage in the year 2023.” That is unquestionably true. But here's the thing: Neither is $15 a livable wage for the vast majority of Americans.
Bottom Line. Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.
Living on $2,000 per month is doable, but you won't be able to live just anywhere. This is important because at the time of writing the average Social Security benefit paid is $1,701 per month.
| Average Expenses of U.S. Households in 2022 and 2021 | ||
|---|---|---|
| Monthly | Monthly | |
| One person | $3,693 | $3,405 |
| Family of two | $6,372 | $5,782 |
| Family of three | $7,189 | $6,597 |
Is $2000 a month good for a single person?
Living on $2,000 per month is doable, but you won't be able to live just anywhere. This is important because at the time of writing the average Social Security benefit paid is $1,701 per month.
These guidelines are adjusted each year for inflation. In 2023, the federal poverty level definition of low income for a single-person household is $14,580 annually. Each additional person in the household adds $5,140 to the total. For example, the poverty guideline is $30,000 per year for a family of four.
For a single person in the continental United States, the 2022 federal poverty level is $13,590. For each additional person in the household, the federal poverty level increased by $4,720.
Nearly 1 in 3 say a salary between $50,000 and $99,999 would suffice, the survey of over 4,300 adults found. Still, 52% of Americans say they would require at least $100,000 a year to be financially comfortable, with 26% saying they would need a salary in the range of $100,000 to $149,000 per year.
“Globally, we find that satiation occurs at $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being,” said the study's authors in the journal. However, the study also found that the ideal income for life satisfaction in North America is $105,000, as reported by Inc.
