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.
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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.
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
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.
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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.
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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.
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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.
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.
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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.
Age
Average Salary
15 to 24 years
$38,563
25 to 44 years
$77,881
45 to 64 years
$88,321
65 years and older
$52,331
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.
City
Median Salary
Houston
$60,440
San Antonio
$59,593
Dallas
$63,985
Austin
$86,556
Fort Worth
$72,726
El Paso
$55,710
Arlington
$71,736
Corpus Christi
$64,449
Plano
$105,679
Lubbock
$58,734
Source: Census Bureau
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.
County
Median Salary
Houston
$51,043
El Paso
$55,417
Wichita
$58,862
Lubbock
$61,911
Bexar
$67,275
Kent
$68,553
Harris
$70,789
Austin
$73,556
Tarrant
$78,872
Travis
$92,731
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.
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.
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.
See exactly how your money comes and goes at a glance.
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.
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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.
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.
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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.
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.
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.
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:
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.
See exactly how your money comes and goes at a glance.
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.
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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.
If you’re a Florida resident, you may wonder how your salary stacks up against your peers in other states. Or you might wonder about the type of salary you might earn if you move to the Sunshine State.
The U.S. Census Bureau American Community Survey reveals that of all Florida’s workers, those aged 45 to 64 see the highest median household income, at $82,587. The overall median household income in Florida is $69,303.
But what is the average salary in Florida across the board? A typical worker here collects an average annual salary of $48,966 in 2024, or $4,080 per month.
We’ll examine the average salary in Florida in a few different ways: by age, city, and county. We’ll also share examples of the highest-paying jobs in Florida to give you a better understanding of Floridians’ take-home pay.
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Average Salary in Florida by Age in 2024
What is the average salary in Florida by age? The most recent data shows the following annual average income by age among Floridians:
• Under 25 years: $42,617 annually
• 25 to 44 years: $77,487 annually
• 45 to 64 years: $82,587 annually
• 65 years and over: $52,625 annually
As you can see, a gap exists between the salaries of under-25 residents (which can include high school and college-aged students) and those aged 25 to 44. Average salaries peak for workers aged 45 to 64, and decline among those aged 65 years and older.
Floridians’ salaries reflect a national trend in peak earning years. Earnings typically reach their highest point when workers are in their late 40s to late 50s. Women’s peak earning years occur between ages 35 and 54, and men’s peak earning years hit between 45 and 64.
According to data from the Social Security Administration, the average salary in the U.S. is $63,795. And just like in Florida, a few factors contribute to earnings: location, industry, education level, and demand, to name a few.
Average Salary in Florida by City in 2024
It’s important to note that while we’re listing the average salary in Florida by city in the next section (and by county in the section after that), it’s just an average — the number of incomes divided by the number of workers. You may earn above or below the average salaries listed.
Per ZipRecruiter, some average salaries in Florida by city include the following:
• Island Walk: $85,574
• Juno Beach: $78,624
• Ocean Breeze Park: $78,184
• Meadow Oaks: $77,940
• Harbor Bluffs: $77,661
• Port St. Lucie: $60,862
• Boynton Beach: $57,346
• Sunrise: $57,086
• Orlando: $56,808
• Miramar: $56,673
Standards of living — and the salary you need to earn to maintain them — vary by city. For example, a low-end middle-class income in Miami, Fort Lauderdale, and West Palm Beach is $43,000, while a high-end middle-class income is $128,000. No matter where you live in the state, a budget planner app can help you make the most of every dollar you earn.
The average salary in Florida by county can depend on a wide range of factors, including that area’s need for skilled workers. For example, living in a large metropolitan area with a variety of jobs can draw residents and change the trajectory of a county’s average salary.
The median household income in select counties in different parts of Florida includes:
• Palm Beach County: $70,979
• Collier County: $62,660
• Seminole County: $60,623
• Hamilton County: $56,945
• St. Johns County: $56,425
• Glades County: $52,466
• Citrus County: $46,763
• Hendry County: $48,891
• Madison County: $39,023
• Holmes County: $34,379
From September 2022 to September 2023, employment increased in all of Florida’s 26 counties, according to the Bureau of Labor Statistics. In Miami-Dade County, employment increased particularly in the areas of healthcare and social assistance.
Examples of the Highest-Paying Jobs in Florida
Some of the largest industries in Florida include advanced manufacturing, aerospace and defense, clean energy, information technology, life sciences, and logistics and distribution.
You might be curious about snagging one of the highest-paying jobs in Florida. Here’s a list of the average salary of some of the highest-paying jobs in Florida:
• Finance services director: $211,022
• Staff psychiatrist: $205,364
• Associate medical director: $195,656
• Physician: $193,805
• Clinic physician director: $189,373
• Physician extender: $186,136
• President/chief executive officer: $185,121
• Family practice physician: $184,438
• Pain management physician: $184,207
• Vice president of sales: $184,032
Many types of high-paying jobs require advanced degrees, and as you can see from the list above, some job titles, including that of a physician, require a significant amount of education.
Therefore, you may also want to consider the most in-demand jobs in Florida, which include the following:
• Mental health counselor: $30,112 to $142,147 annually
• Occupational therapist: $40,215 to $136,890 annually
• Management analyst: $41,118 to $104,843 annually
• HR manager: $48,124 to $102,655 annually
• Financial analyst: $48,631 to $97,214 annually
If none of the above fit your credentials or interests, many options abound, including jobs for introverts and for those just starting their careers.
Wherever you are in your professional journey, it’s a good idea to have some short- and long-term financial goals in mind. Tools like a money tracker can keep tabs on where your money goes and also provide valuable insights on your finances.
Planning to relocate to the Sunshine State? The average annual salary is $48,966, which is lower than the national average. Still, Florida offers no shortage of opportunities for job seekers, no matter your field or interest area. If you want to lock yourself into a certain salary, research job opportunities in your field, check out the educational requirements, and consider interviewing individuals in the area you’re interested in to learn more about their path and trajectory.
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.
See exactly how your money comes and goes at a glance.
FAQ
What is a good average salary in Florida?
In Florida, a good average salary might start at $69,000 for a single individual (without kids). On the other hand, a couple might require up to $94,500 to make ends meet and allow money for fun as well. However, every individual is different, and budgeting techniques can help you carve out money for fun and relaxation no matter your income.
What is the average gross salary in Florida?
The average annual salary is $48,966 in Florida in 2024. This number includes all counties and cities in Florida. However, many factors determine your earning potential, including your location, the cost of living, the job market, industry in an area, and the surrounding competition.
What is the average income per person in Florida?
The Florida average annual salary in 2024 is $48,966. However, this number takes into account all individuals in the Sunshine State, including all ages and all career types. You may earn above or below that amount, depending on your field, location, and other factors.
What is a livable wage in Florida?
A good average salary in Florida of $69,000 breaks down to a monthly salary of $5,750 and a biweekly salary of $2,653.85. It also translates to a weekly salary of $1,326.92, and an hourly wage of $33.17.
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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.
If you ever see a bank error made in your favor, you might think, “Free money!” but the truth is, you need to report the error ASAP.
An unfortunate fact of life is that people — and sometimes technology — can make mistakes. Every once in a while, your bank might make an error and deposit cash into your account that wasn’t meant for you. A teller at a bank branch could have entered the wrong digit in an account number as a customer tried to deposit a check or transfer funds, for example. Whatever the reason, you’ll notice that your bank account balance is higher than it ought to be.
While this may seem like a cash windfall and you might be tempted to keep the money, failing to report and return the funds could result in legal consequences. You should report the error to your bank as soon as you notice it. That way, the mistake can be corrected as quickly as possible.
Key Points
• If you notice a bank error in your favor, you should report it to your bank as soon as possible.
• You cannot keep money that was mistakenly deposited into your account; it must be returned.
• Failing to report and return the money could result in legal consequences, such as criminal charges.
• Contact your bank immediately when you notice the error and keep records of your interactions.
• Regularly monitor your bank account to catch any errors and avoid potential financial issues.
Can I Keep the Money from a Bank Error in My Favor?
So what happens when money is accidentally deposited into your account? You may wonder if it’s a case of “finders, keepers.” The only time that you can keep funds added to your bank account is when the money deposited was legitimately meant for you.
When a bank error occurs in your favor, you cannot keep the money — even if the error seems small and likely to fly under the radar. The money isn’t legally yours, so you must return it.
What’s more, the customer whose money accidentally landed in your account will probably notice the mistake and ask the bank to track down the money. Or, the bank will catch the mistake in one of the regular audits that it makes on accounts and withdraw the money again. If the money isn’t in your account, they may ask you why you didn’t report the mistake earlier.
What Is the Penalty for Attempting to Spend or Keep the Money?
Even if you are a person who doesn’t pay much attention to your banking details and assume the money is yours, it is still a big problem if you use it. If you spend the money from a bank error in your favor, move it to another account like your checking account, invest it, or give it away, you could wind up in a lot of trouble.
Failing to return the money may be tantamount to theft, and you could face criminal charges, such as theft of property lost by mistake or receiving stolen property. Criminal charges may be made to get a court order to force you to repay the amount, and in some cases, you could even end up with probation or prison time. That’s a very good reason to contact your bank and return the funds to them as soon as you realize there’s been an error.
A few years ago, a Pennsylvania couple went on a spending spree when their bank accidentally deposited $120,000 in their account instead of a business’ account due to a teller error. The couple bought various vehicles with the money and also gave $15,000 away to friends in need.
The bank requested that the couple return the money and then reversed the transfer, causing an overdraft on the couple’s account of over $100,000. The couple was eventually convicted of theft, sentenced to seven years’ probation, 100 hours of community service, and ordered to repay the money they stole. This is a good example of why there’s no such thing as free money in this situation.
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When Should I Report the Error?
If you discover money in your account and can’t explain where it came from, contact your bank right away, and ask them to figure out the origins of the funds. If it turns out the money really was for you — perhaps a relative deposited it in your account as a gift, for example — your bank will let you know that you are free to access the funds and use them for whatever you’d like.
If the funds weren’t originally meant for you, the bank can start the process of reversing the transaction.
To report the error, first call your bank. Take down the name of the person you talked to and make a note of the time and date. Follow up your call with an email that outlines the details of the error. That way, you’ll have a paper trail of your attempts to correct the issue. The time frame in which to report a bank error varies, so check with your particular account’s fine print to find out the specifics.
What Happens if the Bank Does Not Respond?
Generally speaking, banks have 10 days to complete an investigation into an account error. But it is possible the investigation could take as long as 45 days. You can take a look at your deposit account agreement to find out how long it should take your bank.
If nothing has changed after that period of time, contact your bank again to check in on the progress of the investigation. Do not assume the money has somehow become rightfully yours. You don’t want to make a bad situation worse, cause legal action, and wind up eventually having to hire a lawyer to represent you.
What Should I Do So That I Don’t Get in Trouble?
When an erroneous deposit is made to your account, here are the steps you should take to help ensure that you don’t get into any trouble.
Do Not Touch or Transfer Money
First things first, if you notice money in your account that’s not yours, don’t touch it. Don’t spend, don’t give it to someone else, and don’t move it into a different account. Don’t even spend the money if you plan to repay it and report the mistake later. Anything you do to tamper with the money, no matter how benign it seems, could have big consequences later.
Contact Your Bank
As we mentioned above, contact your bank immediately when you notice the error, and keep records of your interactions.
Monitor Your Account
Get in the habit of scoping out your financial accounts regularly, whether it’s checking your credit report or your bank account. The fact that even your bank can accidentally deposit money into your account illustrates the necessity of reviewing your bank account regularly.
If you don’t look at your account statement frequently, you may not notice small errors, and these can have a big impact on your personal finances. How often should you check your bank account? There’s no precise answer, but between once a week and once a month can be a good place to start.
For example, say a small deposit of just a few hundred dollars is accidentally made to your checking account. Say, too, that you don’t notice the deposit and spend some of the funds. When the bank discovers the mistake, they can withdraw the funds without your permission, freeze your account, or put a hold on your funds.
If you’re still operating unaware of the erroneous deposit, this can wreak havoc on your account. It could cause overdrafts or your checks to bounce. It might also mess up any automated bill pay that you may have set up.
As a result, you may be on the hook for overdraft fees, or you may end up paying some bills late.
Keeping careful tabs on your account can help you catch errors so you can avoid these situations and improve your financial health. Consider setting up alerts for deposits in your account. That way you can spot any mistakes as soon as they happen.
In addition, you may want to consider other automatic ways to monitor your finances, such as credit score monitoring and card security and protection, to help keep your accounts safe.
The Takeaway
If a financial institution makes a mistake in your favor, this isn’t the moment to go on a spending spree. The best thing you can do if money is accidentally deposited into your bank account is act quickly to alert your bank. That way, the error can be corrected, the right person can receive the money they need, and you can continue banking as usual. If you fail to do so, you could wind up with overdrafts and other issues when the bank takes the money back. Worse still, you could face legal consequences with far-reaching effects.
So do the right thing, and keep your financial life on the up and up to help your money rightfully grow.
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FAQ
Can I keep money credited in error to me?
No, you cannot keep money that is deposited in your account in error. You should alert your bank immediately and have the funds redirected to their rightful owner.
Do I have to report a bank error?
Yes, you should report the error right away. Contact your bank and report the mistaken deposit as soon as you notice it so the problem can be corrected.
What happens if the bank makes a mistake? Who is responsible and why?
If your bank makes a mistake, you should alert them as soon as you notice it. Your bank will also run regular audits of your accounts, which can help them catch errors. When they do catch a mistake, it must be resolved with the funds going back to the correct account. To do so, the bank can reverse transfers, withdraw funds from your account, freeze your account, or place a hold on the funds without your permission. If the money that was mistakenly put into your account is no longer there, you will be asked to repay it, and you may face criminal charges.
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3.80% APY
SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.
As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.
Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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