Where can I live on 60000 a year?

Asked By: Suren Turkul | Last Updated: 15th April, 2020
Category: personal finance home financing
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The 15 cities where you can live really well on $60,000
  1. Detroit. Cost of living ratio: 50% Median base salary: $61,500.
  2. Memphis, Tenn. Cost of living ratio: 46%
  3. Pittsburgh. Cost of living ratio: 45%
  4. Cleveland. Cost of living ratio: 44%
  5. Indianapolis. Cost of living ratio: 43%
  6. St. Louis.
  7. Cincinnati. Cost of living ratio: 40%
  8. Birmingham, Ala. Cost of living ratio: 40%

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Regarding this, can I live off of 60000 a year?

Affordable cities might be getting rarer, but they're not completely gone. According to a new report by GOBankingRates on the salary you need to afford living, out of the 60 largest cities in the U.S., you can live comfortably in only 13 of them earning an income of $60,000 a year or less.

Beside above, how much money do you need to live comfortably in DC? You Need About $143,000 to Live Comfortably in Washington, DC. To live comfortably in U.S. capital, you'll need to earn around $143,200 if you're paying a mortgage and $122,900 if you're renting. That's an increase of 50.8% and 30.4%, respectively, since 2016. And it's not just rent that's increased.

Also to know, is $60000 a year good?

In most parts of the US you already have access to a very good and healthy life at 60k. According to the 2008 US Census, making 60k a year is in the top 20%. I pretty much agree, especially with the idea that humans are creatures of comparison.

Is 50000 USD a good salary?

Income is, of course, another very important consideration for most people. “As such, a $50,000 salary would be above the national median and a pretty good salary, of course, dependent on where one lives." That's good news for people making an annual salary of $50,000 or higher.

39 Related Question Answers Found

What can I afford with a 60k salary?

Your necessities budget should not exceed 50 percent of your monthly net income, which is about $1,875 for an annual salary of $60,000. This section of your budget shouldn't change much each month and must always be paid in order to provide your basic necessities, such as housing, transportation and groceries.

How much rent can you afford on 60k?

The simple answer to “How much rent can I afford?” Experts recommend renters spend no more than 25% to 30% of their monthly income on rent. So, for example, if you make $60,000 per year, your rent and renters insurance shouldn't go higher than $18,000—or $1,500 per month.

What car can I afford on 60k salary?

Multiply this by 5 and you need to make at least $6000 a month, after taxes. This next part is incredibly simplified, and may not apply to your situation directly. That leaves $72,268.75 per year, divided by 12 is about $6022 per month. So, to afford a $60,000 new car, you need to make around $90,750 a year.

Is 60k a good salary in California?

If you make $60,000 a year living in the region of California, USA, you will be taxed $13,277. That means that your net pay will be $46,723 per year, or $3,894 per month. Your average tax rate is 22.13% and your marginal tax rate is 38.82%.

Is 60k a good salary for a single person?


Originally Answered: How would be the life in US with earnings of $60,000 USD per annum? That's a pretty high average salary for a single person. It's perfectly fine, and you can live comfortably. The quality of life might vary depending on where in the US you plan to live.

What is a good salary for a single man?

5 Money Rules All Single Men Should Live By. The bachelor life isn't all fun and games. Unattached guys actually have a pretty tough time of it financially. On average, they earn just $23,221 per year, compared to $46,632 for married guys, according to U.S. Census statistics.

What mortgage can I get on 60k salary?

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That's a $120,000 to $150,000 mortgage at $60,000.

Is 60k a good salary in NYC?

Of course you can live on a salary of 60k. It's easier to do this than in most parts of the U.S., because you don't need a car or house or tons of furniture here, just a little apartment. Pretty much all you have to pay here is rent, food, and Metrocard. 60k isn't even a low salary.

Can you live on 40k a year?

You can live a full life with money leftover to invest every month at 40k. You can also make three times that and live paycheck to paycheck. It isn't about what you make, it is about what you spend.

Is 75000 a year middle class?


Today, $75,000 is a statistical gateway to the modern middle class: Though it's more than what many Americans earn, it's still not enough to relieve the many anxieties rooted in money.

How much money does the average 25 year old make?

25 to 34 years: $837 weekly/$43,524 annually. 35 to 44 years: $1,022 weekly/$53,144 annually.

How much money do you need to make to survive?

While it's still much higher than the median income of $44,709 a year, the income needed to live comfortably while owning a home is just over $65,000 a year — lower than every other city in the study save three.

What is considered middle class in America?

As a general rule, according to Pew Research, Americans are considered middle-income if they make two-thirds to double the U.S. median household income, or about $45,200 to $135,600 in 2016. Lower-income households are those making less than $45,200. And upper-income households have incomes greater than $135,600.

How much of the world is middle class?

Today, the middle class totals about 3.7 billion people, Kharas says, or 48 percent of the world's population.

Can you live on 5k a month?


As long as your not living in the top few most expensive cities you will live very well. 5k a month is much more than most people make. This may sound vague but it most places in the US if you make between 2750 and 3500 a month in the US your good.

Can you live off 30k a year?

The maximum percentage you should spend on housing is 25% to 30% of your income. This means to live on $30,000 a year you would spend no more than $625 to $750 a month for housing.

What is a good pay?

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.