The average salary across the United States sits at $63,795, per the Social Security Administration. So an income of $300,000 per year — more than four times that figure — is by most standards a great salary for a single person in 2024.
Of course, even a large amount of money can come up short if you don’t have a solid budget in place or if you lead a particularly expensive lifestyle.
Below, we’ll dive into the various considerations.
Is $300K a Good Salary?
If you’ve just been offered a job with this figure in its compensation package, you may be wondering, “Is $300,000 a good salary for a single person?”
The thing is, there’s really no one-size-fits-all answer to that question. While $300,000 per year is substantially more than most people — or even most U.S. households — make, whether or not it’s comfortable for you depends on your lifestyle choices and expectations.
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Median Income in the US by State in 2024
You may be wondering how much you make compared to your neighbors. Median yearly household income varies significantly by state, ranging from Mississippi’s $52,985 to Maryland’s $98,461. However, nowhere in America does the median household income come anywhere close to $300,000 per year.
| State | Median Household Income |
|---|---|
| Alabama | $59,609 |
| Alaska | $86,370 |
| Arizona | $72,581 |
| Arkansas | $56,335 |
| California | $91,905 |
| Colorado | $87,598 |
| Connecticut | $90,213 |
| Delaware | $79,325 |
| Florida | $67,917 |
| Georgia | $71,355 |
| Hawaii | $94,814 |
| Idaho | $70,214 |
| Illinois | $78,433 |
| Indiana | $67,173 |
| Iowa | $70,571 |
| Kansas | $69,747 |
| Kentucky | $60,183 |
| Louisiana | $57,852 |
| Maine | $68,251 |
| Maryland | $98,461 |
| Massachusetts | $96,505 |
| Michigan | $68,505 |
| Minnesota | $84,313 |
| Mississippi | $52,985 |
| Missouri | $65,920 |
| Montana | $66,341 |
| Nebraska | $71,772 |
| Nevada | $71,646 |
| New Hampshire | $90,845 |
| New Jersey | $97,126 |
| New Mexico | $58,722 |
| New York | $81,386 |
| North Carolina | $66,186 |
| North Dakota | $73,959 |
| Ohio | $66,990 |
| Oklahoma | $61,364 |
| Oregon | $76,362 |
| Pennsylvania | $73,170 |
| Rhode Island | $81,370 |
| South Carolina | $63,623 |
| South Dakota | $69,457 |
| Tennessee | $64,035 |
| Texas | $73,035 |
| Utah | $86,833 |
| Vermont | $74,014 |
| Virginia | $87,249 |
| Washington | $90,325 |
| West Virginia | $55,217 |
| Wisconsin | $72,458 |
| Wyoming | $72,495 |
Source: U.S. Census Bureau
Average Cost of Living in the US by State in 2024
Just as median income varies significantly depending on which state you’re in, so does the state-by-state cost of living. This means that $300,000 can go a lot further in, say, Arkansas than it would in California.
While these figures are just averages — and the state-wide cost of living can vary substantially depending on which city you live in — here’s the average cost of living in each of the 50 states:
| State | Average Cost of Living |
|---|---|
| Alabama | $42,391 |
| Alaska | $59,179 |
| Arizona | $50,123/td> |
| Arkansas | $42,245 |
| California | $60,272 |
| Colorado | $59,371 |
| Connecticut | $60,413 |
| Delaware | $54,532 |
| Florida | $55,516 |
| Georgia | $47,406 |
| Hawaii | $54,655 |
| Idaho | $43,508 |
| Illinois | $54,341 |
| Indiana | $46,579 |
| Iowa | $45,455 |
| Kansas | $46,069 |
| Kentucky | $44,193 |
| Louisiana | $45,178 |
| Maine | $55,789 |
| Maryland | $52,651 |
| Massachusetts | $64,214 |
| Michigan | $49,482 |
| Minnesota | $52,849 |
| Mississippi | $39,678 |
| Missouri | $48,613 |
| Montana | $51,913 |
| Nebraska | $37,519 |
| Nevada | $49,522 |
| New Hampshire | $60,828 |
| New Jersey | $60,082 |
| New Mexico | $43,336 |
| New York | $58,571 |
| North Carolina | $47,834 |
| North Dakota | $52,631 |
| Ohio | $47,768 |
| Oklahoma | $42,046 |
| Oregon | $52,159 |
| Pennsylvania | $53,703 |
| Rhode Island | $52,820 |
| South Carolina | $46,220 |
| South Dakota | $48,997 |
| Tennessee | $46,280 |
| Texas | $49,082 |
| Utah | $48,189 |
| Vermont | $55,743 |
| Virginia | $52,057 |
| Washington | $56,567 |
| West Virginia | $44,460 |
| Wisconsin | $49,284 |
| Wyoming | $52,403 |
Source: U.S. Bureau of Economic Analysis
How to Live on $300K a Year
No matter what you earn, figuring out how to spend (and save) your money takes effort and planning. Although it may seem like, with a six-figure salary, you can just buy whatever you want, if you don’t take the time to lay out how much money you’re actually taking home each month — and how much needs to be set aside for regular, necessary expenses like housing, insurance, food, and utility bills — you could quickly find yourself eating into your savings or even spiraling into credit card debt.
A money tracker is a great way to get a bird’s-eye view of where your funds are really going. This can be a first step toward deciding where you want them to go, rather than letting them whisk themselves away.
How to Budget for a $300K Salary
Whether you’re earning an entry-level salary or sitting in the C-suite, a little bit of budgeting can go a long way. But how?
The first step in budgeting is to determine how much money you make each month, which, in the case of someone earning a $300,000 salary, is about $25,000 before taxes are taken out. Because state taxes can vary significantly, you’ll need to look at your own pay stubs or do the math to determine how much is left afterwards, also known as your “net” income.
Once you know your net income, you can begin to deduct your regular, expected expenses. These include your housing payment (like rent or a mortgage), insurance payments, utility bills, and other recurring regular expenses (like your Netflix subscription). You should also set aside a budget for required monthly expenses that may vary a bit but are still critical, like groceries and fuel, or transportation.
Now, you can subtract your monthly expenses from your monthly earnings to determine how much discretionary income you have to do with what you please, including setting aside at least some of it for savings.
Sounds like too much work to do this all on paper? Fortunately, there are plenty of budget planner apps that can make the process a breeze.
Maximizing a $300K Salary
Just because you earn a lot doesn’t mean you have to spend a lot. And if you’re careful with your over-average salary, you can save money for the future and help safeguard your lifestyle for the long run.
For example, if you saved just 10% of your $300,000 per year salary, that would be $30,000 per year into your emergency fund or investment account. Especially if you choose to invest it, that amount can really add up over a relatively short amount of time — increasing your overall net worth and potentially even giving you the opportunity to retire early!
Quality of Life with a $300K Salary
Because a $300,000 per year salary is so much higher than the average cost of living in most states, most people who earn this much will find themselves able to afford a very comfortable, high quality of living anywhere.
Of course, the money can still go further in some places than others. For instance, on $300,000, you might be able to afford a small mansion in Mississippi — or an 800-square-foot apartment in Manhattan.
Is $300,000 a Year Considered Rich?
Given that the average salary in the U.S. is about 21% of $300,000, yes, many would consider someone earning $300,000 per year by themselves to be rich.
However, in most states, you’d need to make substantially more than $300,000 per year to be in the top 1% of earners. The states where you’d come closest are West Virginia and Mississippi, where the top 1% earn at least $367,582 and $381,919 per year, respectively.
Is $300K a Year Considered Middle Class?
The amount of money you’d need to earn to be considered middle class varies depending on where you live. But according to the Pew Research Center, it’s between about $47,189 and $141,568 per year on average. Which is to say, no, $300,000 per year is not considered middle class in the vast majority of cities and scenarios.
Example Jobs that Make About $300,000 a Year
Don’t make $300,000 per year (yet), and curious about how to make the dream a reality?
You might consider opening your heart to cardiology, which, according to data compiled by SoFi, offers an average salary of $421,330 per year. Medical positions feature prominently among the top-paying jobs, with surgeons, radiologists, dermatologists, emergency medicine physicians, and anesthesiologists all earning more than $300,000 per year.
The Takeaway
A salary of $300,000 is substantially higher than the national average and certainly a “good” salary for a single person in 2024 by most peoples’ reckoning. That said, no matter how much you earn, bad financial habits can bite you in the long run, so don’t forget about your budget.
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 $300K a year?
While everyone’s standard of comfort is individual, given how much higher $300,000 per year is than the average U.S. salary, yes, most people would be able to live comfortably on $300,000 per year. Even for high earners, however, having a budget is important. Making a plan for your money helps ensure you know exactly where each dollar is going rather than watching them fly away on their own.
What can I afford with a $300K salary?
With a $300,000 salary, you could afford a lot of things, including, depending on your overall applicant profile, a home priced close to a million dollars. With a high salary and the opportunity to save up money, you could likely afford luxurious vacations or high-end toys and gadgets, too. Again, though, a higher-than-average salary doesn’t preclude you from overspending or going into debt, so be sure to make a budget that accounts for all your necessary and discretionary expenses.
How much is $300K a year hourly?
For those who work 40-hour weeks 50 weeks out of the year, a $300,000 salary comes out to an hourly rate of around $150.
How much is $300K a year monthly?
A salary of $300,000 per year, divided by 12 months, comes out to roughly $25,000 per month.
How much is $300K a year daily?
A gross annual income of $300,000 per year, divided by 365 days, comes out to about $821.92 per day. Of course, most people don’t work every single day of the year. As an estimate for the normal five-day work week, accounting for weekends and typical American public holidays, an employee might work about 250 days per year, in which case a $300,000 salary comes out to approximately $1,200 per day.
Photo credit: iStock/Dusan Atlagic
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