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Looking good comes with a cost. Ask cosmetologists. The average price of beauty school is $15,000 to $20,000 a year.

A career in cosmetology can be rewarding. You get a creative outlet and a chance to help others look their best. It also offers flexibility for a good work-life balance. But the licensing process can add up.

Cosmetology and esthetics programs are offered through community, technical, and vocational colleges — accredited institutions that qualify for financial aid. Accreditation broadens the range of financial aid options. Prospective students can consider interest-free payment plans, financial aid from schools, scholarships, grants, and loans from the government or private entities. Read on for more detailed information on the types of financial aid that pay for cosmetology school, and what options don’t.

Esthetician vs Cosmetology School

Esthetician (or aesthetician) licenses specialize in skincare treatment, recommendations, and analysis. Treatments include facials, massages, and waxing. With this license, you can work at spas, salons, or doctor’s offices, such as plastic surgeons or dermatologists.

Cosmetology covers the creative styling of hair, skin, and nails — but also provides basic training in treatments. Students can get an esthetician license through a cosmetology program. A career in cosmetology can lead to work as a makeup artist, hair stylist, or manicurist. License holders typically work in salons, spas, the entertainment industry, and hotels or resorts. The table below outlines some of the differences between an esthetics license and a cosmetology license.

Be sure that your school is state-approved. You can search for schools through your local government’s licensing process. Also, it’s helpful to know whether your certificate is transferable to other states and which states accept it. This way, your time and resources aren’t lost.

Below are organizations that can help you find accredited and state-approved programs:

•  Accrediting Commission of Career Schools and Colleges (ACCSC)

•  Accrediting Council for Continued Education & Training (ACCET)

•  Council on Occupational Education (COE)

•  National Accrediting Commission of Career Arts and Sciences (NACCAS)

Typical Cost of Beauty Schools

Beauty school programs are generally more affordable than the average four-year program. According to the College Board’s Annual Trends in College Pricing report, during the 2023-2024 school year, the average cost of tuition at a four-year nonprofit institution was $41,540. Cosmetology students, in contrast, can expect to pay around $16,000 to complete a degree in their field. But beauty school students still borrow $7,100 per year on average.

Esthetician School

Requirements for esthetics licenses vary by state. Connecticut is the only state that does not require a license.

Students can expect to complete 300 to 1,500 hours depending on state program requirements. Most states require students to pass a state-issued exam to obtain a license after completion of a program. For example, Washington requires students to complete a program of not less than 750 hours and to fill out a license application.

Students can also specialize in esthetics as part of their overall cosmetology program.

Cosmetology School

Each state requires a cosmetology license in order to practice. While requirements differ, most states require three things: you must be 16 or older, hold a high school diploma, and have completed a state-licensed cosmetology program.
Some states also require an exam in order to obtain a license. And some require regular license renewals.

While states can issue a license that covers all cosmetology specialties, some require separate licenses in specializations such as barbering or manicures.

Programs range anywhere from 1,000 to 2,100 hours across states, and usually include retail and business admin training to supplement. Specializing in a field, such as nail care, requires additional hours. Finally, programs are hands-on — meaning students have limited online options.

To find out your state’s requirements, the National-Interstate Council of State Boards of Cosmetology has a registry of state offices. ​​

Possible Funding Source #1: FAFSA®

Does FAFSA pay for cosmetology school? Yes! But, students who apply must be enrolled in an accredited program to be eligible.

The first step to applying for government financial aid is filling out a Free Application for Federal Student Aid (FAFSA) form. New forms are released each year on October 1st — and the sooner you complete one, the more likely federal grants will be available.

Information provided on the FAFSA helps to determine your eligibility for federal student aid. The government, states, and colleges also use it to determine the amount of financial aid to award you. Schools you list in your form will review your FAFSA and put together an aid offer. If your school’s financial aid does not cover the entire cost of tuition, you can use the FAFSA to apply for federal grants and student loans.

Not familiar with setting up FAFSA? This FAFSA guide provides an overview of the form and the aid options available through the FAFSA. Here’s a brief explainer on some of the aid types that may be available to students.

Pell Grants

The government awards Pell Grants to students from lower-income families and who have not previously earned a degree. Unlike loans, they do not need to be repaid.

The Pell Grant’s 2024-2024 maximum is $7,395 and students may be eligible for up to twelve terms. The amount is determined by the following:

•  Expected Family Contribution (EFC), or the amount your family can pay

•  Cost of Attendance (COA), finalized in your school offer letter

•  Full-time or part-time status as s student

•  Length of your school’s academic year

Schools will disburse the federal grant to you directly, apply it to your tuition, or both. In order to receive Pell Grants, students must stay enrolled in their respective program of study and fill out the FAFSA form each year.

Direct Subsidized and Unsubsidized Loans

The Department of Education also offers Direct Loans. Cosmetology students may be eligible for either subsidized or unsubsidized loans. The government pays for the interest rate of subsidized loans as long as you’re enrolled in a program, for the first six months after leaving school, and during qualifying deferment periods. Interest rates for unsubsidized loans are not covered. Subsidized loans are awarded based on financial need, while unsubsidized loans are not.

Applying for a federal loan offers these key advantages:

•  Low fixed interest rates

•  Flexible repayment plans

•  Possibility of forgiven loans

•  Deferment and forbearance options

Parent PLUS Loans

PLUS loans are available to parents of undergraduate students or graduate or professional students. They offer some of the advantages of federal Direct Loans, but offer higher borrowing limits.

Parents can apply for Parent PLUS Loans on behalf of their children, as well. Unlike other federal student loans, these types require a credit check and are not based on financial need.

Possible Funding Source #2: Scholarships

A good place to start your scholarship search is with your school. Their aid letter will outline scholarships awarded from its program. You can contact them to see if there are additional scholarships you can apply for at the school.

Professional associations also offer scholarships based on need or merit. The below beauty industry associations have lists of scholarships.

•  Professional Beauty Association

•  National-Interstate Council of State Boards of Cosmetology

•  American Association of Cosmetology Schools

The U.S. Department of Labor also offers a free scholarship finder .

Finally, ethnicity-based groups, employers, or your parent’s employers may also offer tuition assistance and scholarships.

Possible Funding Source #3: Working Part Time

Since cosmetology programs are shorter in duration, working part-time to help pay for college is feasible. Try getting work in your field as an assistant or admin at an office. That way, you can learn while getting paid — and even get a foot in the door.

Studying and working is a fine balance. It depends on how much time you can commit. If studying fills up most of your week, you may not be able to focus on studying for the career you hope to work in and may also hurt your score needed to pass exams needed to work in the industry.

You can even find working cosmetologists to get advice on how to do both.

Possible Funding Source #4: Private Student Loans

After exhausting all other avenues of aid, private student loans can help cover the difference. A private undergraduate student loan can be offered through banks, credit unions, and online lenders. They can be applied to a range of programs, even applied towards paying for CDL school.

Lenders will perform a credit check to determine your interest rate and how much you are eligible for. Students who don’t have credit scores will need a cosigner, usually a parent.

Possible Funding Source #5: School-Specific Financial Aid

Financial aid availability depends on your school.

Aveda Institute Maryland, for example, offers financial assistance for current and former military servicemen. Paul Mitchell Schools also offer three forms of military financial aid. One includes a My Career Advancement Account Scholarship Program for military spouses.

Delgado Community College in New Orleans provides financial assistance on a first-come, first-serve basis. Students must complete a FAFSA, online scholarship form, and accept or decline their aid offer letter.

Possible Funding Source #6: School-Specific Payment Plans

College tuition payment plans are an option. Instead of paying tuition upfront at the beginning of the year, students pay tuition in installments.

Payment plans are an excellent alternative to taking out loans since plans are generally interest-free. Check with your school for eligibility requirements and deadlines for enrollment periods.

The Board of Cooperative Educational Services in Western Suffolk, Long Island, and Alexander Paul Institute of Hair Design offer no-interest payment plans.

Explore Private Student Loans With SoFi

Cosmetology and esthetician careers require state-approved schooling and licenses. These accredited programs are covered by federal financial aid, and some schools offer financial aid. Zero-interest payment plans can also be a huge help to pay for a program.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Can FAFSA be used for beauty school?

Yes. States require students to participate in state-approved accredited beauty schools to obtain a license. Students enrolled in post-secondary programs at accredited institutions qualify for financial aid.

Do you work and earn money while in cosmetology school?

Students typically cannot work in their field without a license, unless it’s an unrelated job in the industry. Find out if your school participates in the Federal Work-Study Program. These programs are available to part-time or full-time students with financial needs. Students will usually find jobs at their school or private for-profit employers that have agreements with your school. The jobs are typically relevant to your field of study.

Are beauty schools accredited? How do you select a good program?

Yes, beauty schools can be accredited for post-secondary education. Always check to make sure your program is accredited to avoid predatory schools with poor programming. Consider starting your search with state license departments. The National-Interstate Council Of State Boards Of Cosmetology has a directory of all 50 states’ centers.

Photo credit: iStock/petrovv

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you’re single and making $50,000 a year, you likely have enough to live on comfortably in just about any state in the U.S. This is particularly true in suburbs and smaller cities, like Jacksonville, FL, Birmingham, AL, and Toledo, OH, where the cost of living is lower than the national average. However, if you’re planning to live in a major metropolis like San Francisco, New York, or Boston, making ends meet on a $50,000 salary could be more of a challenge.

Is $50K a Good Salary?

While $50,000 a year isn’t a six-figure salary, it’s often enough for a single person to be able to afford the basics — think housing, utilities, food, and insurance — and still have cash left over for fun and savings.

If you’re just entering the job market after graduating college, $50,000 can be a good entry-level salary, especially if you decided to live at home for a while. Doing so can help you build up your bank account, so when it comes time to find a place to live, you’ll have a financial cushion to show potential landlords.

And remember, whether you’re earning $50K a year at your first job or less, your income will likely increase with time and experience. As your earning potential grows, a money tracker can help you keep an eye on where your paycheck is going.

Average Median Income in the US by State in 2024

According to the latest data from the Social Security Administration, the average salary in the U.S. is $63,795. The Bureau of Labor Statistics (BLS) reports the median average salary, which represents the midpoint of salaries in the U.S., was $59,540 in 2023.

The chart below shows the list of the average median income in each U.S. state according to USA Today and Blueprint, based on BLS data:

Average Cost of Living in the US by State in 2024

The term cost of living refers to the amount of money someone needs to cover basic necessities. Based on data from Forbes Advisor, here’s the average cost of living per state in 2024:

Recommended: The 25 Highest-Paying Jobs in the U.S.

How to Live on a $50K Salary

To make sure you can live on a $50,000 salary without being stretched too thin, you’ll want to review your overall spending and create a budget. Online tools like a budget planner app can help with that.

When it comes to defining “living comfortably,” your salary would ideally be able to fit the guidelines of a 50/30/20 budget. This method suggests that 50% of your earnings covers your needs, such as housing, utilities, groceries and healthcare costs, 30% goes toward your wants, such as entertainment, hobbies and travel, and 20% goes toward savings and paying off debt.

How to Budget for a $50K Salary

Before you can create a budget, it helps to estimate how much you bring home. Here’s a breakdown of a $50,000 annual salary (40-hour work week, 52 weeks a year):

•   Monthly income: $4,166.93

•   Biweekly paycheck: $2,083.46

•   Weekly income: $961.60

•   Daily pay: $192.32

The figures above do not factor in taxes, so someone with an annual salary of $50,000 may actually end up taking home closer to $41,860.

Once you crunch the numbers and figure out how much you’ll need for your basic needs, you can see how much money you’ll have for the other 50% to cover your wants and savings.

Maximizing a $50K Salary

A person with a $50,000 salary can afford to spend about $1,250 a month on rent, which can be tough if you want to live alone. The average monthly rent in the U.S. is about $1,515, according to Apartments.com. Sharing an apartment or renting a house with another person can save you money on housing, allowing you more room to put your money toward other necessities.

Other ways to maximize making $50,000 a year include limiting dining out, shopping smartly when it comes to buying groceries, being mindful of utility usage, and riding your bike, walking, or taking public transportation to save on fuel costs.

Recommended: How to Calculate Your Net Worth

Is $50,000 a Year Considered Middle Class?

Yes. According to the Pew Research Center, people who have annual incomes between $39,693 and $119,080 in 2023 are considered middle-income or middle class.

While $50,000 a year may not be considered rich, you’re certainly living well above the poverty line, which for a single person household is between $12,880 and $16,090, depending on the state.

Examples of Jobs that Make About $50,000 a Year

Per the BLS, here are some of the occupations where you can earn $50,000 a year, some of which would be good jobs for introverts:

•   Automotive service technician and mechanic

•   Bookkeeping, accounting, and auditing clerk

•   Construction laborer

•   Correctional officer

•   Dental assistant or laboratory technician

•   Event planner

•   Firefighter

•   Makeup artist

•   Massage therapist

•   Mortician

•   Paramedic

•   Postal service mail carrier

•   Real estate sales agent

•   Secretary and administrative assistant

•   School bus driver

•   Social worker

•   Travel agent

•   Veterinary technician

•   Welder

The Takeaway

Is $50k a good salary for a single person? Generally speaking, yes. An annual salary of $50,000 is considered a middle-class income, and can be a comfortable wage for a recent graduate or a person starting a new career. A single person may not be able to live large in some areas of the country, but that doesn’t mean they can’t live comfortably elsewhere.

Depending on the cost of living in your area, making ends meet on $50,000 a year might require sharing a living space, keeping close tabs on your spending, and forgoing some luxuries. However, you should still have enough to take care of your basic needs with some left over to put toward your future.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Can I live comfortably making $50K a year?

It depends on where you live. People making $50,000 a year can find a place to live easily in every state in the U.S., though it will be challenging if you decide to live in one of America’s largest cities. Still, a $50,000 annual salary is above the median cost of living in most states, so it’s possible to enjoy a comfortable lifestyle within your means.

What can I afford with a $50K salary?

With a $50,000 a year salary, you’d need between $20,000 and $35,000 for basic needs, including housing, groceries, healthcare, transportation, and other fixed expenses. That means you may have less than $15,000 for everything else. What you can afford will depend heavily on your geographical location and other factors, such as having a car payment and student loans.

How much is 50K a year weekly, hourly and daily?

Based on a 40-hour work week, the average weekly pay for someone who makes $50,000 a year (before taxes) is $961.60. Someone making $50,000 earns $24 an hour and approximately $192 a day.

Photo credit: iStock/Delmaine Donson

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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There’s a lot to like about living in Utah: five beautiful national parks, a thriving economy, and according to the U.S. Census, a median household income of $95,800. By comparison, the median annual income in the U.S. is $75,580.

Here’s a look at how salaries in the state differ by age, city, and county.

What Is the Average Salary in Utah by Age in 2023?

According to the Social Security Administration, the average salary in the U.S. is $63,795. But salaries can fluctuate greatly when you factor in age. Here’s how median household incomes in Utah break down by age, as the Census data below shows:

•   Under 25 years: $54,506

•   25 to 44 years: $95,206

•   45 to 64 years: $111,825

•   65 years and over: $63,225

Not surprisingly, workers who are between the ages of 25 and 64, and in the prime years of their earning capacity, have the highest income, while those who are younger and just starting out professionally earn less. A budget planner app can help you make your money go further, regardless of your income.

Recommended: US Average Income By Age

What Is the Average Salary in Utah by City in 2023?

The following list gives the average salaries for 10 of the highest-paying cities in Utah, according to ZipRecruiter. While none offer a six-figure salary, all of the cities have an average pay that’s higher than the state’s average salary of $48,753.

Cities tend to have a higher cost of living than rural or semi-urban areas. When considering how much you’ll need to earn to cover basic expenses in an area, you’ll want to look at the cost of housing, transportation, food, and property taxes. A money tracker can help you monitor your current spending, so you can compare the two.

Two cities in Utah with the highest average salaries are Cottonwood Heights and White Mesa, with average salaries of $80,422 and $74,392, respectively.

Recommended: How to Calculate Your Net Worth

What Is the Average Salary in Utah by County in 2023?

Because cities tend to have a higher cost of living than rural areas, looking at average salaries by county might give you a better idea of your earning power in the different areas of Utah. You can also compare the figures to the average pay in the United States to see how it stacks up against other job markets.

Below are data from the Census Bureau showing per capita income by county in Utah, according to Utah.gov. We selected 10 counties in different regions of the state to give a broad perspective. Summit County has the highest per capita income by far at $156,537. San Juan County has the lowest per capita income at $30,198

Examples of the Highest-Paying Jobs in Utah

Below are 10 examples of the highest-paying jobs in Utah.

Source: ZipRecruiter.com

The Takeaway

The state of Utah offers diverse employment opportunities, including plenty of jobs for introverts. Utah’s median household income of $95,800 is higher than the median household income for the United States, which is $75,580, as reported by the Census Bureau.

While younger workers in Utah can expect to make entry-level salaries, experienced employees typically command more. As in other states, median household incomes in Utah are highest for those in their prime earning years, aged between 25 and 64. In this age group, median incomes range from $95,000 to $111,000. High-earning jobs in Utah include pick-up truck owners and operators, pharmacists, mechanical engineers, and public health workers.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is a good average salary in Utah?

The median household income in Utah is $95,800, so a salary or income that equals or exceeds that would be considered good income.

What is the average gross salary in Utah?

According to ZipRecruiter, the average gross salary in Utah is $48,753.

What age group earns the most in Utah?

Median household incomes are highest for those in their prime earning years, aged between 25 and 64. In this age group, median incomes range from $95,000 to $111,000. High-earning jobs in Utah include pick-up truck owner-operators, pharmacists, mechanical engineers, and public health workers.

What is a livable wage in Utah?

According to MIT’s Liveable Wage Calculator, one adult with no children would need to make more than $22 an hour to afford typical expenses. For one adult and one child, the living wage jumps to $37.62. For two adults, both working, with one child, the living wage is $36.79.

Photo credit: iStock/PeopleImages

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Households in the Lone Star State earn an income that’s just below the U.S. median. The U.S. Census Bureau reports that the median household income in Texas is $73,035. In comparison, the median annual income in the U.S. is $75,149.

Diving deeper into Texas’ income data can offer more clarity about how your income compares to peers in your city and county. We’ve gathered data from the Census Bureau’s American Community Survey, Bureau of Labor Statistics (BLS), Massachusetts Institute of Technology (MIT), and others to help uncover the average salary in Texas across these categories so you know where your income stands.

Here’s a closer look into what the average salary in Texas is.

Average Salary in Texas by Age in 2023

Generally, your income grows as you gain experience and seniority in the job market. Your peak income years are between ages 35 and 54, according to the BLS. The average salary in Texas typically decreases as workers transition into retirement, around the age of 65.

Below is the average income by age, according to a Scholaroo analysis of publicly gathered data.

Whether you have a good salary for your age as a Texas resident depends on your assets versus financial obligations. You can use a net worth calculator by age to determine where your finances are today so you can make moves to reach your financial goals.

Then, with this information in mind, consider using a budget planner app to set budgeting and savings goals.

Median Salary in Texas by City in 2023

While the average salary in the U.S. is higher than a typical Texan’s annual income, salary data varies greatly based on the city where you live. Below is a list of the most-populated cities in the state and the median salary of their residents.

Median Salary in Texas by County in 2022

The Census Bureau offers the median household income across various Texas counties. Below are the median salaries, in order of lowest to highest.

Depending on which Texas county you live in, median salaries vary widely. Although some of the more popular counties can offer higher incomes, if they also come with a higher cost of living, you may find it harder to maximize your income. Add other financial obligations, like loan and credit card debt, and saving toward your future goals, and your income might start looking lean.

Using a money tracker tool can help you stay on top of your necessary and discretionary spending. You can create specific budgets so you can track your progress toward a number of goals.

Recommended: What Is a Six-Figure Salary?

Examples of the Highest-Paying Jobs in Texas

Finding a well-paying job in Texas can help you achieve a more comfortable lifestyle. Fortunately, Texas is home to lucrative business sectors that offer a good entry-level salary, from aerospace and defense to energy production, thanks to the state’s abundant natural resources.

Here are just a few of the highest-paying jobs and their average salary in Texas, according to BLS data:

•   Radiologists: $327,850. These medical professionals use imaging tools, like x-rays, magnetic resonance imaging, ultrasound, and other techniques to view patients’ internal anatomy and provide diagnostic images.

•   Petroleum engineers: $155,290. As a petroleum engineer, you’re responsible for developing a plan to extract natural resources, like oil and gas, from the earth in a safe and efficient way.

•   Aerospace engineers: $132,800. In this profession, you’ll design and develop aircrafts, shuttles, satellites, and defense-use missiles and rockets. You’re also responsible for inspecting designs and testing their functionality according to project goals.

•   Industrial production managers: $130,850. In the manufacturing industry, industrial production managers are responsible for ensuring smooth operations when it comes to meeting production goals, managing staff, communicating with customers and suppliers, and more.

•   Information security analysts: $119,480. These individuals design, implement, and monitor computer networks and systems, like firewalls, intranet, and more for an organization or company. They also test for vulnerabilities, make enhancements, and stay ahead of any new technologies that impact security within an organization.

There are many career opportunities to explore, whether you enjoy engaging with teammates and clients or are interested in jobs for introverts that don’t require a lot of person-to-person interaction.

Recommended: 25 Highest Paying Jobs in the US

The Takeaway

The average salary in Texas by age ranges from $38,563 to $52,331, which falls short of the average pay in the United States. Incomes greatly depend on where you are in your career — whether you’re just starting out, in your peak-earning years, or preparing for retirement.

How far your salary goes is also dependent on your existing assets, debt, and where you live. Learning how to calculate your net worth can help you determine where you are financially.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is a good average salary in Texas?

The median household income in Texas is $73,035, according to the Census Bureau. Depending on where you live, your expenses, how many people are in your household, and other factors, that salary could provide you with enough money for a comfortable lifestyle.

What is the average gross salary in Texas?

According to BLS data, the average salary in Texas, across all occupations and industries, is $61,240. The average hourly wage in the state is $29.44. This is as of May 2023, the most current data available from the BLS.

What is the average income per person in Texas?

In 2023, the average salary in Texas is $65,422 per capita, meaning per person, according to the Federal Reserve Bank of St. Louis.

What is a livable wage in Texas?

In terms of a living wage, a good average monthly salary in Texas is $3,626 for an adult with no children., For a family of four with two working adults, a living wage is about $4,195 per earner, assuming both adults earn the same income.

Photo credit: iStock/Moon Safari

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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When it comes to defining a “good” salary, there’s no one magic number. The Bureau of Labor Statistics (BLS) reported that the average salary in the U.S. is $65,470, as of May 2023. Based on this data point, $70K a year is a good salary for a single person — one that puts you above the national average.

But just how far $70,000 can carry you varies from person to person. Existing debt and financial obligations, spending habits, and where you live can all significantly impact how comfortable you’ll be on that salary.

Let’s take a closer look.

Median Income in the US by State in 2024

When you examine income through the lens of the average pay in the U.S., you could be misled by certain outliers, like a group of people with an unusually high income. Another way to consider pay is by looking at median income. The median income in the United States in 2022 was $74,580, according to the latest data available from the U.S. Census Bureau. Below is the median annual household income of every state.

Recommended: The Average Income by Age in the U.S.

Average Cost of Living in the U.S. by State in 2024

The Missouri Economic Research and Information Center aggregated and averaged cost-of-living (COL) indices from various metropolitan areas and cities throughout the U.S. It then determined the cost of living index by state.

As the chart below shows, Hawaii, Massachusetts, and California had the three highest costs of living on the index.

Recommended: Average U.S. Salary by State

How to Budget for a $70K Salary

Having established guard rails within your budget can help you live within your means. A popular strategy is the 50/30/20 plan, based on your after-tax income. Here’s how it works:

•   50% is for necessities. Necessities include your housing costs, utilities, car payments, groceries, transportation, health care, and other monthly debt obligations.

•   30% is for wants. This bucket includes non-essentials, like dining out, vacations, streaming subscriptions, shopping, etc.

•   20% is for savings. This category lets you set money aside toward an emergency fund, home down payment, retirement, or other long-term investment for yourself.

Maximizing a $70K Salary

$70K can be a good salary for a single person, depending on your circumstances. But if you’d like to stretch your income as much as possible, here are a few ideas:

•   Determine your monthly budget. A budgeting and spending plan that works for your lifestyle and long-term goals is essential. A budget planner app lets you set custom budgets and categorize your spending so you can see where your money goes.

•   Track your overall finances. Using a money tracker tool can help you monitor your everyday money habits, sometimes including your credit score. You can review useful visuals about your financial data, learn insights, and track how well you’re sticking to your plan.

•   Consider getting a roommate. Housing costs (i.e. rent/mortgage, utilities, internet, furnishings, etc.) make up a substantial part of your budget. Although getting a roommate isn’t the best fit for everyone, it lets you share the financial load so you can maximize your $70K salary.

•   Move to a cheaper area. If you live in a costly neighborhood, explore the possibility of relocating to another part of town that has a lower cost of living.

•   Invest in yourself. Don’t let your disposable income languish in a low- or no-interest checking account. Instead, consider depositing extra cash in a high-yield savings account or retirement account.

Is $70,000 a Year Considered Rich?

Only you can determine whether $70,000 per year is rich by your preferred quality of life. One way to approach this question is by learning how to calculate your net worth. For some workers, age factors into the decision of whether a certain salary is adequate.

To dig deeper into your net worth, use a net worth calculator by age.

Is $70K a Year Considered Middle Class?

According to the Pew Research Center, approximately half of U.S. adults are considered middle- class. Determining your income class as a single person earning $70,000 is a moving target depending on where you live.

Pew’s income calculator lets you quickly uncover your income tier, based on your state, metropolitan area, net income, and household size — in your case, one. For instance, $70K a year is a good salary in an upper-income tier, as a single-person household in the Gadsden area of Alabama. By comparison, in Texas’s San Antonio-New Braunfels area, earning $70K annually puts you in the middle-income class.

Example Jobs that Make About a $70,000 Salary

If you’d like to earn about $70,000 per year, here are a few jobs for introverts and extroverts alike and their median salary:

•   Loan officers: $69,990

•   Insurance underwriters: $77,860

•   Railroad worker: $73,580

•   Police officer and detective: $74,910

•   Zoologist and wildlife biologist: $70,600

For more inspiration, here’s a list of the highest-paying jobs by state.

The Takeaway

Whether $70K is a good salary for a single person is dependent on the context of your situation. A combination of factors, like your existing finances, your area’s affordability, and how lean or lavish your lifestyle is can sway the pendulum one way or the other.

As a single person, earning $70,000 annually might be completely comfortable if you live a modest-to-spendy lifestyle in a city with a low cost of living. Living in a high cost-of-living city, like Los Angeles or New York, might also be possible when you split housing costs with a roommate or relative. Assess your current bills, debts, and spending to see where you can make adjustments toward a lifestyle you enjoy.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Can I live comfortably making $70,000 a year?

It’s possible. Depending on where you live and the area’s cost of living, a $70,000 annual salary might offer a comfortable lifestyle. Your current outstanding monthly debt, family size, and financial goals can also impact whether $70,000 is enough to live comfortably.

What can I afford with a $70,000 salary?

Housing is generally the most costly monthly expense you’ll need to budget for. If you earn $70,000 and are purchasing a home, you can afford a house up to $229,813. Assuming your monthly debt is $250, your mortgage rate is 7% fixed, and you got a 30-year term with $20,000 down, your monthly payment would be $1,837.

How much is $70,000 a year hourly?

A $70,000 salary equates to an hourly salary of $33.65. This assumes that you’re working a full-time schedule of 40 hours per week.

How much is $70,000 a year monthly?

If breaking down $70,000 in annual base wages by month, you’d earn $5,833.33 per month. Keep in mind that this figure doesn’t account for taxes and deductions that are applied to your paycheck during payroll.

How much is $70,000 a year daily?

A $70,000 base salary comes out to $269.23 per day. This amount was calculated under the assumption that you get paid to work eight-hour work days for over 260 weekdays throughout a year.

Photo credit: iStock/PeopleImages

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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