Wondering, “What can I afford with $50,000 a year?” We’ve taken a closer look at the basic expenses of 30 American cities to see where you’d be able to live comfortably on a fairly average yearly salary.
How Far a 50K Salary Would Get You in 30 American Cities infographicHow Far a 50k Salary Would Get You in 30 American Cities Transcript
The Average Costs of Necessary Expenses Vs. Minimum Wage and Average Income in the Most Populated Cities of the US
| City | Louisville, KY | Baltimore, MD | Las Vegas, NV | Oklahoma City, OK | Portland, OR | Nashville, TN | Boston, MA | Memphis, TN | Washington, D.C. |
| Food | $2986 | $2986 | $3564 | $2986 | $3564 | $2986 | $3467 | $2986 | $2986 |
| Medical | $2298 | $2507 | $2242 | $2195 | $2030 | $2237 | $2688 | $2237 | $2506 |
| Housing | $6565 | $10836 | $7560 | $6762 | $11352 | $8231 | $13333 | $7504 | $17078 |
| Transportation | $4236 | $4236 | $3860 | $4236 | $3860 | $4236 | $3609 | $4236 | $4236 |
| Other | $2656 | $2656 | $2803 | $2656 | $2803 | $2656 | $2656 | $2656 | $2656 |
| Annual Income Taxes | $3496 | $4406 | $2794 | $3367 | $4975 | $2838 | $3593 | $2737 | $5700 |
| Total income needed | $22237 | $27627 | $22823 | $22202 | $28584 | $23186 | $29346 | $22356 | $35162 |
| Minimum Wage Salary | $15080 ($7.25/hr) | $19240 ($9.25/hr) | $17,160 ($8.25/hr) | $15080 ($7.25/hr) | $21320 ($10.25/hr) | $15080 ($7.25/hr) | $22,880 ($11/hr) | $15080 ($7.25/hr) | $26,000 ($12.50/hr) |
| Living Wage Salary | $22235 ($10.69/hr) | $27622 ($13.28/hr) | $22817
($10.97/hr) |
$22193 ($10.67/hr) | $28579 ($13.74/hr) | $23192 ($11.15/hr) | $29348 ($14.11/hr) | $22360 ($10.75/hr) | $35152 ($16.90/hr) |
| Average Salary | $48821 | $56177 | $47968 | $47965 | $55438 | $51263 | $70983 | $47264 | $71007 |
| Detroit, MI | El Paso, TX | Denver, CO | Seattle, WA | Charlotte, NC | Fort Worth, TX | Columbus, OH | Indianapolis, IN | San Fransisco, CA | |
| Food | $3050 | $2986 | $3564 | $3564 | $2986 | $2986 | $3050 | $3050 | $3564 |
| Medical | $2243 | $2203 | $2395 | $1984 | $2195 | $2203 | $2361 | $2297 | $2150 |
| Housing | $6961 | $6553 | $10128 | $12226 | $8190 | $8179 | $6924 | $7035 | $19566 |
| Transportation | $4173 | $4236 | $3860 | $3860 | $4236 | $4236 | $4173 | $4173 | $3860 |
| Other | $2877 | $2656 | $2803 | $2803 | $2656 | $2656 | $2877 | $2877 | $2803 |
| Annual Income Taxes | $3506 | $2599 | $4186 | $3409 | $3961 | $2826 | $2965 | $3337 | $4999 |
| Total income needed | $22810 | $21233 | $26937 | $27846 | $24224 | $23086 | $22350 | $22769 | $36942 |
| Minimum Wage Salary | $19240 ($9.25/hr) | $15080 ($7.25/hr) | $21216 ($10.20/hr) | $23920 ($11.50/hr) | $15080 ($7.25/hr) | $15080 ($7.25/hr) | $17,264 ($8.30/hr) | $15080 ($7.25/hr) | $22,880 ($11/hr) |
| Living Wage Salary | $22817 ($10.97/hr) | $21236 ($10.21/hr) | $26936 ($12.95/hr) | $27851 ($13.39/hr) | $24232 ($11.65/hr) | $23088.00 ($11.10/hr) | $22360 ($10.75/hr) | $22776 ($10.95/hr) | $36941($17.76/hr) |
| Average Salary | $58,931 | $40539 | $60550 | $69154 | $54,707 | $50,882 | $51,612 | $51,256 | $85,917 |
| Jacksonville, FL | Austin, TX | San Jose, CA | Dallas, TX | San Diego, CA | San Antonio, TX | Phoenix, AZ | Philadelphia, PA | Houston, TX | |
| Food | $2986 | $2986 | $3564 | $2986 | $3564 | $2986 | $3564 | $3467 | $2986 |
| Medical | $2583 | $2203 | $2150 | $2203 | $2150 | $2203 | $2291 | $2349 | $2203 |
| Housing | $7372 | $9588 | $17909 | $8179 | $14544 | $7426 | $7488 | $10140 | $8446 |
| Transportation | $4236 | $4236 | $3860 | $4236 | $3860 | $4236 | $3860 | $3609 | $4236 |
| Other | $2656 | $2656 | $2803 | $2656 | $2803 | $2656 | $2803 | $2656 | $2656 |
| Annual Income Taxes | $2767 | $3023 | $4768 | $2826 | $4299 | $2721 | $3338 | $3100 | $2864 |
| Total income needed | $22600 | $24692 | $35054 | $23086 | $31220 | $22228 | $23,343 | $25321 | $23390 |
| Minimum Wage Salary | $17,160 ($8.25/hr) | $15080 ($7.25/hr) | $22,880 ($11/hr) | $15080 ($7.25/hr) | $22,880 ($11/hr) | $15080 ($7.25/hr) | $21840 ($10.50/hr) | $15080 ($7.25/hr) | $15080 ($7.25/hr) |
| Living Wage Salary | $22609 ($10.87/hr) | $24689 ($11.87/hr) | $35048 ($16.85/hr) | $23088.00 ($11.10/hr) | $31220 ($15.01/hr) | $22235 ($10.69/hr) | $23337 ($11.22/hr) | $25313 ($12.17/hr) | $23400 ($11.25/hr) |
| Average Salary | $47035 | $58567 | $84225 | $60015 | $60992 | $53855 | $5300 | $59827 | $59581 |
| Chicago, IL | Los Angeles, CA | NewYork, NY | |
| Food | $3050 | $3564 | $3467 |
| Medical | $2501 | $2150 | $2367 |
| Housing | $10487 | $12623 | $14,542 |
| Transportation | $4173 | $3860 | $3609 |
| Other | $2877 | $2803 | $2656 |
| Annual Income Taxes | $4049 | $4031 | $5004 |
| Total income needed | 27137 | 29031 | $31645 |
| Minimum Wage Salary | $17160 ($8.25/hr) | $22880 ($11/hr) | $21632 ($10.40/hr) |
| Living Wage Salary | $29036 ($13.96/hr) | $29036 ($13.96/hr) | $31636 ($15.21/hr) |
| Average Salary | $62746 | $62564 | $68992 |
Sources:
Is $50K a Good Salary?
Let’s look at the facts: In the United States, the median household income is $57,617, which often includes multiple household members’ incomes as well as side gigs. Considering that 47% of the country makes less than $50,000 per household, you’re already in the upper crust. And that’s for household data! The median personal income in the U.S. is quite different, about $31,099. So if you’re asking, “Is $50,000 a year a good salary?” in comparison to other Americans, the answer is yes. If you’re asking, “Is $50,000 a good salary?” because you want to know if it’s a reasonable wage to live off of comfortably, that answer is a bit more complicated.
What Can I Afford With $50,000 a Year?
The answer depends on where you live. For the top 30 most populated cities in the U.S., you need between $20K and $35K a year to cover basic expenses, including food, medical costs, housing, transportation, taxes, and other expenses. This is according to MIT’s Living Wage Index, which calculates what a fair wage would look like in various American cities. In many places, there’s a massive gap between the minimum wage and living wage. For those who want a slightly more affluent lifestyle — a nicer apartment, brunches on weekends — expect to need a cushion of $5K to $10K more per year.
How Much Rent Can I Afford on a $50K Salary?
Housing costs vary an extreme amount based on your location. If you’re asking, “How much house can I afford?” a $50,000 salary may only be able to get you a closet in San Francisco. The rule of thumb for rent is that many people can afford a $1,250 apartment with a $50K salary, but it can’t go far above that. If you specifically want to know, “What house can I afford on $50K a year?” it depends on your down payment, but the price generally would be somewhere around $200K. Getting something in that price range in Manhattan could be pretty difficult! We took a look at how much house $500K gets you in different cities previously, and those results may be a bit disheartening.