What is a decent salary for a single person? If you are considering moving to New York, or any other major city, the initial sticker shock of 100 dollar a square foot rent and $20 cheeseburgers might make you think twice. On the other hand, the quality of life here is pretty good and the cost of living usually beats Midwest and rural areas. You just need to know what is a decent or low budget salary in NYC area if you do not want to get overwhelmed by all the expenses during your first years of living in the big city.
A decent salary for a single person depends on a number of factors. The most important factor is where you live, because prices for goods and services will vary by location. You also need to consider your lifestyle, which includes the types of expenses you have and your personal preferences for spending money.
If you are currently living in an urban area with high costs of living, such as New York City or San Francisco, then $2,500 per month might be enough to get by. However, if you’re living in a rural area where prices are lower and there are fewer entertainment options nearby, then $1,000 per month may be more than enough to cover all your basic needs.
If you can live without cable TV or going out to restaurants every night, then it’s possible that $750 per month could be enough for someone who lives alone in an inexpensive city like Denver or Austin. However, if you want cable TV and enjoy eating out several times per week at restaurants like Chipotle or Panera Bread then it’s unlikely that less than $1,000 per month would suffice if you’re living alone in one of those cities (or anywhere else).
What is a decent salary for a single person
Introduction
If we think of a decent salary as one that can help us live a good life, take care of our expenses and also save for the future, then we defined it.
According to 2018 data from the U.S. Census Bureau, a single person living in the U.S. has to make at least $12,760 to be considered living above the poverty line.
The poverty line is the amount of money you need to make to be considered living above the poverty line. It’s based on how much your country’s cost of living is, and it increases every year for inflation. In 2018, according to data from the U.S. Census Bureau, a single person living in the U.S. had to make at least $12,760 per year—about $1,167 per month—to be considered living above the poverty line.[1]
However, that number doesn’t take into account taxes or other expenses such as health care, groceries and housing, so in reality, you’ll need to make significantly more than that amount to live comfortably alone.
However, that number doesn’t take into account taxes or other expenses such as health care, groceries and housing, so in reality, you’ll need to make significantly more than that amount to live comfortably alone.
Taxes are one of the biggest expenses for single people. In fact, according to TurboTax’s 2019 Tax Brackets for Single People guide, if you’re a single filer with no dependents and paid $5,000 in total taxes last year (including state and local), your federal tax rate would be 15 percent on all taxable income between $10-$12k; 25 percent on all taxable income between $12k – $16k; 28% on all taxable income between $16k – $19.6K; 32% on all taxable income between $19.6k -$24K; 35% on all taxable income over $24K. After you add this up with what you already know about housing costs (student loans/car payments) it might seem impossible—but don’t give up!
So what is a decent salary for a single person? The average monthly income after tax is $2,200 for a single person in the United States with no children, according to Salary Explorer.
So what is a decent salary for a single person? The average monthly income after tax is $2,200 for a single person in the United States with no children, according to Salary Explorer. To put that in perspective, it’s more than twice the minimum wage in many states. If you live somewhere with higher costs of living (say, California), then you’ll need to earn more than that to have enough money left over at the end of the month.
When comparing salaries across industries and cities, keep in mind that there are other factors aside from paychecks that determine how well off someone is: healthcare benefits like health insurance or dental coverage; retirement plans such as 401(k) or 457 accounts; paid time off (vacation days); education reimbursement programs; pension plans; and other perks such as gym memberships or free lunches on Fridays during work hours just to name a few things I’ve seen offered at my current job location. Also keep in mind if any additional taxes apply when receiving your paycheck (like Social Security).
You should aim to make at least three times the amount of money needed to put you above the poverty line in your own country in order to live comfortably alone.
You should aim to make at least three times the amount of money needed to put you above the poverty line in your own country in order to live comfortably alone. This is because as a single person, your expenses will be less than if you were part of a couple or family.
Conclusion
After all, the main takeaway from this post is to consider your expenses and wants for the future. If you’re lucky enough to make $50,000 a year, that’s great! But if it isn’t enough to cover your rent or if you have student loans that eat away at half of it every month—well, then we can still say that it’s enough money but only because of how hard you work.
