Based on our jobs, type of duties, and skill sets, we get different amounts of salaries. But is $70000 a good salary for a single person to live in the United States or somewhere else? Well, that truly depends on our living conditions, the family we need to support, our entire lifestyle, and more. In this brief guide, we’ll explain whether or not $70K is a good salary, monthly or yearly, depending on your needs. So, let’s break it down!
So, Is $70 Thousand Really a Good Salary for a Single Person in the United States?
Well, of course, yes. Earning $70 thousand every year for a single person is enough to make his desires come true. In the United States, if you are not living in expensive areas like New York, Los Angeles, Or Washington D.C., you can easily live by making $70 every year.
But if you have a family to support, a house to pay high rent and other fuel or living expenses, it might not sound right. You need to budget effectively the average costs you have to face over the year, and then you need to think in this circle as to whether this salary sounds right for you or not.
What Factors Determine If $70K is a Good Salary in the United States For a Single Person?
For a single person, the factors that mostly decide his expenses include food, transportation, rent, bills, Taxes, Shopping, etc. However, if you have a family, there will be additional expenses over the year, like paying student loans, insurance coverage, and medical and study expenses for these kids.
But being single, this should be enough to live a happy life in the United States. Yet, the following are the factors that determine how $70k is a good salary or not a good salary at all.
Taxes That You Have To Pay:
The first and foremost duty of a respectful citizen is to pay taxes to his government for the facilities he is using on a daily basis.
It could be anything from buying soap from a local store to walking over the road and using the public bathroom.
A major portion of your income in the United States goes into Federal Taxes that the government collects either from your salary or the goods you buy. This way, the amount of money you have for spending over the month gets reduced.
Offered Benefits With Job:
Sometimes, even a salary below $70k over the year looks great if your employer offers you other benefits with the job.
This could be a provident fund, monthly fuel expenses, an apartment from the company, or other valuable additions to your monthly payout.
So, whenever you are considering a monthly salary package, always look out for these benefits as to whether or not these are added to make your life easier.
Cost Of Your Living:
To find whether the 70 grand you are making is good enough over the year or not, you need to examine the place or area where you are living in the United States.
Yes, that’s because these living expenses might vary depending on your city or town. If you live in an area where you have to pay lower house rent and have lower transport expenses, 70k dollars is going to be so good for you.
But if you are living in some Porsche areas or where the house rents are high in the United States, I am afraid that even earning 70K over the year won’t be enough for efficient survival.
Financial Goals of Your Own:
At last, the goals of a single person’s finances matter a lot to determine if the salary he is getting is good enough or not.
In case you are living in a huge debt and you have to pay interest on that debt amount every month, you will need to earn more to meet your financial goals. But if there is no pressure of debt of any kind, you can make a handsome living even out of this salary amount.
So, to make $70k a good salary in the United States for a person, it totally depends on that person’s living conditions and other reasonable factors.
How Much Do You Earn Per Hour if You Earn $70K in a Year?
Let’s calculate your hourly income to examine how much hourly rate you will be getting in the United States if you earn $70k in a year. That’s absolutely simple.
In the United States, you can work 40 hours on average in a week, and there are 52 weeks in a year. This makes a total of 2080 hours per year.
So, when you go for $70,000/2080, that’s almost $33.65 per hour. This could be the income of a low-skill wager.
But we have seen people in the United States working at more than $60 per hour. It all depends on the type of job you are doing and how expert you are in your duties.
How Much You Are Making Monthly if Your Early Income is $70,000?
That’s also pretty simple to calculate. For this, you can say that there are 12 months in a year. If you divide $70,000 by 12, it comes around $5850 every month. In my view, it’s a good salary when you don’t have hopes of living a luxurious lifestyle.
Overall, based on our conclusion, $70K is not a bad amount even to live with a family if you know how to spend it wisely. Always look for a job that comes with some additional benefits. And take a house which is almost 1 hour away from the metro from your job. At the same time, don’t forget to add another income stream to make some extra bucks because these will help you in those critical times when inflation is so high. Thanks for reading this post. Keep visiting, and have a great day!