How Far a 50K Salary Would Get You in 30 American Cities (2024)

FAQs

Is 50K a good salary in America? ›

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.

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.

You also need an annual household salary of at least $50,000 to be considered middle class in 17 other states, including California, New York, Oregon, Washington, Utah and Hawaii. In California, the difference is $122,000, from a salary of $61,028 on the lower end to $183,102 on the upper end.

If you make $50,000 a year, your hourly salary would be $24.04.

According to Covered California income guidelines and salary restrictions, if an individual makes less than $47,520 per year or if a family of four earns wages less than $97,200 per year, then they qualify for government assistance based on their income.

On a $50,000 salary, you could potentially afford a house worth between $160,000 to $190,000, depending on your specific financial situation and local market conditions. While this may limit your options in some high-cost areas, there are still many markets where homeownership is achievable at this income level.

As of Aug 22, 2024, the average annual pay for a 50K in the United States is $52,231 a year. Just in case you need a simple salary calculator, that works out to be approximately $25.11 an hour. This is the equivalent of $1,004/week or $4,352/month.

The truth is, if you pay attention to how much money you have and where it's going you can survive raising a family of 4 on an income lower than $58k. How do you do this? You have make sacrifices and choose to live differently than our consumer driven society.

That breaks down to monthly spending of about $6,080 per month. The largest monthly expense is typically housing, followed by transportation and food. If you're planning to live frugally in retirement, spending, say, under $50,000 a year may sound achievable, but it's not a realistic target for every couple.

What is the average salary in the US? ›

The average salary in the U.S. is $63,795, according to the latest data from the Social Security Administration. How your salary compares will depend on your industry and skilI set, as you'd expect.

“With this rule, you should be spending 50% on essential expenses — rent [or] mortgage, insurance, minimum debt payments, etc. — 30% on discretionary expenses — dining out, entertainment, etc. — and 20% towards your goals — retirement, emergency funds, investing, etc.,” she said.

According to Covered California income guidelines and salary restrictions, if an individual makes less than $47,520 per year or if a family of four earns wages less than $97,200 per year, then they qualify for government assistance based on their income.

With a $50,000 annual salary, you could potentially afford a house priced between $160,000 to $190,000, depending on your financial situation, credit score, and current market conditions. Your housing payment will be a significant factor in determining how much house you can afford.

$50,000 a year is how much an hour? If you make $50,000 a year, your hourly salary would be $24.04.

The latest data from the Bureau of Labor Statistics found that the typical American makes between $62,000 and $73,000 a year. One estimate found that the median U.S. household income is $77,397. Only 18% of individual Americans make more than $100,000 a year, according to 2023 data from careers website Zippia.