SoFi

If you’re single and earning $130,000 a year, you’ll likely find you can live pretty comfortably in most parts of the U.S.

According to the Bureau of Labor Statistics (BLS), the median salary nationwide was about $59,228 in the first quarter of 2024, which means at $130,000, you’re earning more than twice what the average worker makes in a year.

Of course, if the cost of living is higher than average where you are, if you’re carrying a heavy debt load, or if you have champagne taste, you still may struggle to stretch your paycheck and achieve your financial goals.
Read on for a look at how a $130,000 salary might stack up depending on your location and other factors.

Is $130,000 a Good Salary?

If you’re a single person without any children, you may be able to manage quite well on a $130,000 income — especially if you can keep bigger bills, such as housing, utilities, transportation, and food costs, under control. (Tools like a money tracker can help.)

These expenses can vary widely depending on where you’re located. For instance, states where income tends to be higher usually have steeper costs of living.

To get an idea of where you stand, and whether $130,000 a year is a good salary for you, it helps to look at the cost of living where you live and the average salary in the U.S.

Median Income in the US by State

A $130,000 annual salary is well above the average pay in the U.S., but wages can vary significantly by state. Here’s a state-by-state summary of the median household income, according to the most recent data available from the U.S. Census Bureau.

Recommended: Highest-Paying Jobs by State

Average Cost of Living in the US by State

If you live in one of the more expensive states in the U.S., you already know how higher costs can affect your budget, even if you make a six-figure salary. Here’s a breakdown of where each state ranks for cost of living, according to 2023 data from the Missouri Economic Research and Information Center (MERIC). (Less expensive states have an index under 100, while more expensive states have an index over 100.)

How to Budget for a $130,000 Salary

No matter where you live or how much you’re paid, creating a realistic budget can help you stay on course when it comes to managing your money.

One popular budgeting method that can give you an idea of how to divide up your wages every month is the 50/30/20 rule, which allocates after-tax income to three basic categories:

•   50% to “needs” (essentials like housing, utilities, food, etc.)

•   30% to “wants” (extras like dining out, vacations, jewelry, etc.)

•   20% to savings and/or putting extra money toward debt repayment

This allocation prioritizes basic needs but leaves room for fun and provides a way to save for the future. It may not work for everyone, however — especially if you live in a location where rent and other costs can take a big bite out of your paycheck every month. If you find you need to make some adjustments to fit your circumstances, a budget planner app may make it easier to track your spending so you can decide where to cut back.

How to Maximize a $130,000 Salary

Besides thoughtful budgeting, there are other things you might be able to do to help get the most from your $130,000 salary, including:

Take Advantage of Employee Perks

Employer benefits can add more value to an already solid salary. For example, if your employer’s 401(k) plan offers a matching contribution, it could help you save more for retirement. And if you’re able to work remotely, you might be able to spend less each month on transportation costs (gas, maintenance, etc.) or your work wardrobe.

Minimize Account Fees

Small monthly fees can sometimes go unnoticed when you’re worrying about bigger bills, like rent or a car payment. But with a little research and comparison shopping, you may be able to avoid the common bank fees, credit card fees, and investment fees that can eat away at your hard-earned income.

Pay Bills on Time

Besides the penalty fees you might face if you push your bill-paying limits too far, late payments can take a toll on your credit score, which could affect the interest rate you might pay on a loan or credit card. Paying on time can help you protect your creditworthiness.

Build an Emergency Fund

An unexpected expense like car repairs or a vet bill, or even a temporary pay cut, can blow up your budget. Setting aside money in an emergency fund could keep you from falling behind on your regular obligations.

What Quality of Life Can You Expect with a $130,000 Salary?

The World Health Organization (WHO) defines quality of life as “an individual’s perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards, and concerns.”

In other words, contentment is somewhat subjective. And the salary you may need to feel comfortable could vary depending on your priorities and your desire to have more or better things.

When deciding if $130,000 is a good salary for you, some factors to consider might include:

•   What does success mean to you? Do you need a luxury car brand and designer clothes to be happy?

•   How much do you like to go out to eat, attend concerts, and travel? Have you been known to bust your budget for those experiences?

•   Is a big-city location a must, or is life in the suburbs or a small town more your thing?

•   If you’re new in your career, is $130,000 a good entry-level salary for the type of job you have? Do you expect to make more later?

•   How much — and how fast — are you hoping to save for short- and long-term goals, like a wedding, a home purchase, or retirement?

•   When you look at your salary through the 50/30/20 budget lens, does it seem doable?

Is $130,000 a Year Considered Rich?

“Rich” is another subjective term. If your definition of rich is what the top earners in the U.S. make, $130,000 falls short. According to the Economic Policy Institute, the top 10% of earners made, on average, $167,639 in 2021 (the most recent year for which data is available). The top 5% earned $335,891. To make it into the top 1%, you’d have to earn $819,324 or more.

But wealth isn’t necessarily determined by the number on a paycheck. If you own much more than you owe — thanks to inheriting money, owning valuable assets, or building up your savings over time — you may still have a high net worth, even if your annual income isn’t what you consider rich. And if you can live comfortably on $130,000, you may feel richer than someone who earns a high six-figure salary but can’t manage to make ends meet.

Recommended: How to Calculate Your Net Worth

Is $130,000 a Year Considered Middle Class?

Pew Research defines “middle-income” Americans as those whose annual income is two-thirds to twice the median household income, adjusted for household size. Using $59,228, the BLS’s median income number from the first quarter of 2024, a single person could earn from $39,485 to $118,456 and be considered middle income. With a $130,000 salary, you’re actually earning more than workers in that upper range.

However, being considered “middle class” may have as much to do with your lifestyle as your paycheck. A person’s status, middle class or otherwise, may also be determined by their background, education, career path, neighborhood, ability to pay their bills, and other factors.

What Kinds of Jobs Pay a $130,000 Salary?

If you’re looking for work, you’ll likely find there’s a wide range of jobs that offer a $130,000 salary, particularly in management positions. According to the BLS, while the annual mean wage for all occupations in May 2023 was $65,470, the mean wage for managers was $137,750. That category includes jobs in marketing and public relations, medical and health services, computer and information services, and more. But again, these salaries can vary significantly depending on where you live.

Tips for Living on a $130,000 Salary

Proactive planning can play an important role in living well on any salary, including $130,000 a year. Here are a few steps that could help make your money go further from month to month and year to year:

Live Within Your Means

Before you buy a car, rent an apartment, go on vacation, or make any big purchase, it can be a good idea to run the numbers one more time to be certain those costs will fit with your overall budget.

Pay Down Debt

If you’re carrying a balance on your credit cards and paying anywhere near the average interest rate (currently 27.65%), a big chunk of your paycheck could end up going just to interest each month. If you’re struggling with high-interest debt, you may want to look into a repayment plan like the snowball method to help you get back on track.

And if you’re carrying student loans and other debts from before you were earning $130,000, debt consolidation might be something to consider.

Keep an Eye on Costs

Tracking your spending with an app can help you see where your money is going in real time, which could make it easier to stick to your budget. It also can be a good idea to check your credit card and bank statements weekly or monthly.

The Takeaway

Though it may not qualify as “rich,” in most parts of the U.S. a $130,000 salary can provide a comfortable lifestyle, especially if you’re single.

You’ll still have to live within your means day to day while also working toward your long-term goals. But with the right attitude, discipline, and financial tools, you can improve your chances of success. Creating a budget that you can stick to can be an important first step.

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 $130,000 a year?

If you’re earning $130,000 a year, you’re making more than twice the median salary for U.S. workers nationwide. How well you can manage on that amount, however, may vary depending on where you live and how you spend your money.

What can I afford with a $130,000 salary?

If you’re single, you can decide your own spending priorities, whether you’re hoping to buy a house or a new car, travel the world, or all of the above. The 50/30/20 budget rule — which breaks down how much you may want to put toward your wants, needs, and savings each month — can be a useful tool for deciding what you can afford on a $130,000 salary.

How much does a $130,000 a year salary come out to hourly?

A $130,000 annual salary comes out to about $62.50 per hour if you’re working a 40-hour work week.

If you make $130,000 a year, how much does that come out to monthly?

If you’re earning $130,000 a year, that comes to about $10,833 per month before taxes and about $8,475 after federal taxes.

How much does a $130,000 annual salary come out to per day?

If you’re earning $130,000 a year, that comes to about $2,500 for a 40-hour work week, or $500 for an eight-hour workday.

Photo credit: iStock/nd3000

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.

SoFi Invest®

SORL-Q224-1874623-V1

Whether you’re mulling a job offer or planning your future, you may be wondering how well you could live on $60,000 a year. To figure that out, you’ll want to consider several factors, including your cost of living, existing debt and financial obligations, spending habits, where you are in your professional journey, and your financial goals.

It may also help to look at how much other workers earn. According to the latest data available from the U.S. Census Bureau, the median income in the United States in 2022 was $74,580. While $60K a year is lower than that, it’s still considered a good salary for a single person, as they typically have fewer expenses than someone who’s supporting a household.

Let’s see how $60,000 stacks up against the median salaries in different states.

Median Income in the US by State in 2024

Incomes vary widely from state to state, with many of the highest-paying jobs by state found in the Northeast and on the West Coast. But in many cases, those same areas also have high costs of living, which can take a sizable bite out of your paycheck.

Keep that in mind as you check out the table below, which shows the median household income by state, according to the U.S. Census Bureau.

Average Cost of Living in the US by State in 2024

The cost of living is how much it costs you to pay for basic, day-to-day expenses, such as housing, food, utilities, transportation, and health care. It’s calculated as an index, with the average cost of living in the U.S. set as a baseline of 100. All states are measured against this baseline.

Here’s a look at the cost of living index by state, as aggregated by the Missouri Economic Research and Information Center.

How to Live on a $60K Salary

You don’t necessarily need a six-figure salary to live a comfortable life. If you’re earning $60,000 a year, you may find you have enough for the things you want and need. If you’re struggling to make ends meet, you may find it helpful to create a budget. There’s no one-size-fits-all approach to budgeting, but one popular method is the 50/30/20 rule. This method involves organizing your after-tax income as follows:

•   50% for necessities, such as housing, food, transportation, utilities, and debt.

•   30% for wants, such as entertainment, travel, meals out, and shopping.

•   20% for savings, including an emergency fund or retirement account.

Preparing and following a budget that includes all your income and expenditures is critical to knowing how much you can afford to spend on a home each month. A money tracker can help monitor your spending and provide valuable insights.

How to Budget for a $60K Salary

Let’s look at what a budget might look like if you earn $60,000 a year. We’ll set your take-home salary, after benefit deductions and taxes, at $3,800.

If you follow the popular 50/30/20 budgeting rule, you have:

•   $1,900 to pay for living expenses

•   $1,140 to pay for discretionary items like clothing and entertainment

•   $760 to put toward paying debt and savings

One way to stick to your budget is to track your expenses and ensure you’re not spending more than you should in each category. If you are, look for ways to cut back on unnecessary expenses. For instance, if you live in a city, you may be able to use public transportation more frequently. Or perhaps you can eat out less and cook more.

Recommended: How to Calculate Your Net Worth

Maximizing a $60K Salary

It’s possible to get the most out of your $60,000 salary. One way to do so is to live within your means. That may require settling in an area where the cost of living is low — in other words, where rent is reasonable, and food and other necessary items are more affordable.

It could also mean putting off major purchases until you’ve saved up enough to pay for them. Online tools like a budget planner app can help you monitor spending and also spot areas where you can cut back.

And if you’ve been at your job for a while and have a strong track record to show for it, you may want to consider asking for a raise or promotion.

Is $60,000 a Year Considered Rich?

A salary of $60K puts you in the richest 2.2% of the world’s population. However, in a wealthy country like the United States, a $60,000 income is not considered “rich.” Nor is it a six-figure salary.

For perspective, in order to be considered part of the top 1%, you’d need to earn $785,968 or more, according to data from the Social Security Administration.

Is $60K a Year Considered Middle Class?

Short answer, yes. The Pew Research Center defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $69,244. That means American households earning between $46,163 and $138,488 are considered middle class.

Example Jobs that Make About $60,000 a Year Salary

Looking for a new career path? Here are some jobs for introverts and extroverts alike that pay around $60k a year, according to data from the Bureau of Labor Statistics.

•   Property, real estate, and community association manager: $62,850

•   High school teacher: $65,220

•   Aircraft mechanic and service technician: $64,090

•   Real estate broker: $56,620

•   Physical therapy assistant: $58,740

The Takeaway

Is a $60K salary good for a single person? In many cases, yes. While the wage falls short of the median salary and the average pay in the United States, it’s generally considered enough for an individual to live on. Of course, just how far a dollar can go depends largely on the cost of living in your area. Living in an expensive coastal city like New York or San Francisco would require more money than, say, a smaller, more affordable city like Columbus, Ohio.

Also important is the amount of debt you have, your spending habits, your financial goals, and where you are in your professional journey. For instance, depending on your profession, earning $60,000 a year could be a good entry-level salary.

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 60K a year?

A single person can usually live well on a $60,000 annual salary. However, if you have expensive tastes, are carrying a lot of debt, live in an area with a high cost of living, or are supporting multiple people, you may find it more challenging to get by on $60,000 a year.

What can I afford with a $60K salary?

Housing is typically the biggest line item in a budget. If you earn $60,000 a year, you may be able to afford housing expenses of $1,400 a month. Another rule of thumb suggests you could afford a home worth $180,000, or three times your salary.

How much is 60K a year hourly?

If you make $60,000 a year, your hourly salary would be $28.85 after taxes.

How much is $60K a year monthly?

A yearly $60,000 salary translates to about a $5,000 monthly salary before taxes.

How much is 60K a year daily?

A salary of $60K works out to around $230 per day before taxes, if you work eight hours a day.

Photo credit: iStock/nortonrsx

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.

SORL-Q224-1840878_V1

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.

SORL-Q224-1840767_V1

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.

SORL-Q224-1840906_V1

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.

SORL-Q224-1841059_V1