As of 2021, the poverty guideline for most of the country is $12,880 for a single person. A person earning $7.25 per hour working 40 hours per week would bring home $15,080 per year before taxes — assuming they took no vacation or sick days.
49. California
One adult: $18.66 per hour.
Living on less than $20,000 a year is not easy, but it is not incredibly difficult either if you take proactive steps to save. You won't have all the toys and clothes of people in a higher tax bracket, but you can live on an income under $20,000 a year.
An income of $70,000 surpasses both the median incomes for individuals and for households. By that standard, $70,000 is a good salary.
For a single person, living in an apartment with roommates, in a city that's relatively inexpensive, 45k could be a good salary.
A $15 hourly pay scale would more than double the current $7.25 federal minimum wage. It still wouldn't offer a living wage to low-paid single adults and families in many areas, according to a CNBC analysis of state cost-of-living data.
You can certainly live on $12/hr, especially with your rent being so low, it just doesn't leave a lot of room for flexibility.
The median necessary living wage across the entire US is $67,690. The state with the lowest annual living wage is Mississippi, with $58,321. The state with the highest living wage is Hawaii, with $136,437.
If you're single, $50,000 is a pretty healthy salary in some parts of the country. On the other hand, if you're the sole breadwinner in a family of five, you may have a hard time on $50,000 annually. Either way, if $50,000 is where your salary stands, it pays to make the most of it.
20k can get you 12 months traveling the world if you're crafty. I could probably live a year with my current expenses.
California. • Annual income needed to be in the top 20% of earners: $162,657 per household (4th highest)
In general $100,000 or above is considered a good salary in the US. That might not be that good in New York City or San Francisco, and $50,000 might actually be a good salary is many rural parts of the country. $100,000 is a "good" salary for most of the country, including most small to medium sized cities.
How to live on $1,000 a month: Decrease your expenses and increase your income
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