Is 60k per year middle class?
But that range does vary by the size of the household. A three-person household must have earned $51,962 to $155,902 to be considered middle-class while a family of four must earn about $60,000 to $180,000.
Pew draws on the same formula used in the SmartAsset report, defining the middle class as those with incomes between two-thirds and twice the national median income. That works out to a national salary range of roughly $52,000 to $156,000 in 2020 dollars for a three-person household.
On a global scale, the middle class is between $4,000 and $40,000 per year depending on where you live. In the United States, the median income is roughly $67,000. So, when looking at the country as a whole, a $60k salary is considered lower middle class.
The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.21 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.7 This is a ...
Yes, a $60,000 salary is typically good for a single person. The average personal salary in the U.S. is $63,214, meaning that $60,000 is a healthy amount. Of course, this also depends on your location, age, etc., but as a single person, you should be able to live comfortably in most places.
| Annual Household Income | % of Americans Earning More |
|---|---|
| $45,000 to $49,999 | 49.59% |
| $50,000 to $54,999 | 45.30% |
| $55,000 to $59,999 | 41.76% |
| $60,000 to $64,999 | 38.04% |
| Income range | Number of households (in thousands) | Percent |
|---|---|---|
| $57,500 to $59,999 | 1,786 | 1.57 |
| $60,000 to $62,499 | 2,566 | 2.26 |
| $62,500 to $64,999 | 1,774 | 1.56 |
| $65,000 to $67,499 | 2,101 | 1.85 |
Here's the breakdown: You are earning $28.85 per hour. Your per-day earnings are $230.80 if you work eight hours per day.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else. Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $60000 per year.
If your take-home pay is $60,000 per year, you should pay no more than $750 per month for a car, which totals 15% of your monthly take-home pay.
How can I tell if I'm middle class?
There is no official financial standard for what constitutes middle class. For most it's more about a standard of living—including owning a home, being able to afford to pay for a college education for your kids, and having enough disposable income to take a family vacation.
According to the U.S. Census Bureau, the median income in 2021 was $70,784. So American families earning between $47,189 and $141,568 are technically in the middle class, according to the Pew Research Center's definition.
| Income group | Income |
|---|---|
| Low income | Less than $52,200 |
| Middle income | $52,200 - $156,600 |
| Upper income | More than $156,600 |
Yes, with budgeting and living inside your means you should be able to live reasonably well, take small vacations and eat out occasionally. I know because my wife works and I stay at home with our three kids and we make it work. You really have to watch your spending though.
When looking at how much $60,000 a year is biweekly in your paycheck, you simply need to calculate how much you would earn over every two weeks. If you assume a full-time position with no overtime and exactly 40 hours per week, then you would earn $60,000 / 26 bi-weekly pay periods = $2,307.69 per biweekly paycheck.
- Top 1% income threshold: $825,965.
- Top 5% income threshold: $338,884.
Average Salary for Ages 25-34
For Americans ages 25 to 34, the median salary is $1,003 per week or $52,156 per year. That's a big jump from the median salary for 20- to 24-year-olds.
| Average Salary by Age (3rd Quarter of 2022) | |
|---|---|
| Age Group | Average Salary |
| 16-19 | $31,668 |
| 20-24 | $36,712 |
| 25-34 | $52,156 |
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range.
Is 55k a year middle class?
Pew defines “middle class” as a person earning between two-thirds and twice the median American household income, which in 2019 was $68,703, according to the United States Census Bureau. That puts the base salary to be in the middle class just shy of $46,000.
Landing in the top 10% is a fairly attainable goal for upwardly mobile Americans. A study by the Economic Policy Institute (EPI) found that the average earnings of those in the top 10% were roughly $173,000 in 2020.
The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That's a $120,000 to $150,000 mortgage at $60,000. You also have to be able to afford the monthly mortgage payments, however.
Making $27 an hour is great, but you must consider your after-tax income when budgeting. Everyone has a different tax situation, but let's assume after federal and state taxes, you pay 25% of your pay to the government. That leaves you with $42,120 per year or $3,510 per month.
$35 an hour is how much a year? If you make $35 an hour, your yearly salary would be $72,800.
The best city to live in on a $60,000 salary is Sioux Falls, South Dakota, according to the data we analyzed. Sioux Falls comes in sixth overall for two of our nine metrics: average commute time (17.4 minutes) and poverty rate (8.6%).
60,000 dollars yearly is considered a good salary in the United States, but whether it's enough for you depends on your individual circumstances. Some considerations would include inflation over time, cost of living where you are employed, cost of housing and food, etc.
Plan to maintain your standard of living
To accomplish this, financial experts say you'll need between 70-80% of your pre-retirement income. So, for example, a couple earning $60,000 per year would need between $42,000 ($60,000 x . 70) and $48,000 ($60,000 x . 80) each year during retirement.
Follow the 35% rule. Whether you're paying cash, leasing, or financing a car, your upper spending limit really shouldn't be a penny more than 35% of your gross annual income. That means if you make $36,000 a year, the car price shouldn't exceed $12,600. Make $60,000, and the car price should fall below $21,000.
The monthly car payments on a $60K car loan range from $1,002.61 to $1,653.01. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.
What credit score do you need for a 60K car loan?
There's no set minimum credit score required to get an auto loan. It's possible to get approved for an auto loan with just about any credit score, but the better your credit history, the bigger your chances of getting approved with favorable terms.
Gallup has, for a number of years, asked Americans to place themselves -- without any guidance -- into five social classes: upper, upper-middle, middle, working and lower. These five class labels are representative of the general approach used in popular language and by researchers.
Based on Pew's analysis, a three-person household would be considered low-income if they're bringing in less than $52,200 a year. This group makes up a significant chunk of the U.S. population, with about 38% of households making less than $50,000 in 2021.
Middle class families tend to own their own home (although with a mortgage), own a car (although with a loan or lease), send their kids to college (although with student loans or scholarships), are saving for retirement, and have enough disposable savings to afford certain luxuries like dining out and vacations.
| . | FAMILY SIZE | |
|---|---|---|
| STATE | 1 EARNER | 4 PEOPLE * |
| Arizona | $52,334 | $80,956 |
| Arkansas | $43,585 | $68,341 |
| California | $57,962 | $96,813 |
Universally, the term refers to the group of middle class households or individuals who have not attained the status of the upper middle class associated with the higher realms of the middle class, hence the name.
Sociologists generally posit three classes: upper, working (or lower), and middle. The upper class in modern capitalist societies is often distinguished by the possession of largely inherited wealth.
Statisticians say middle class is a household income between $25,000 and $100,000 a year. Anything above $100,000 is deemed “upper middle class”.
What qualifies as working or middle class varies from region to region, but country-wide, a salary of $30,000–$90,000 qualifies a single individual as middle class, with incomes below that range falling into the working class. Homer Simpson is working class.
| Age Group | Mean Net Worth | Median Net Worth |
|---|---|---|
| Less than 35 | $76,300 | $13,900 |
| 35-44 | $436,200 | $91,300 |
| 45-54 | $833,200 | $168,600 |
| 55-64 | $1,175,900 | $212,500 |
Is $63 000 a year a good salary?
This $63k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
A budget for a family of four making 50k can be done. It's not going to be easy and you certainly won't be “keepin' up with the Joneses” You'll need to commit to a strict spending plan and make smart choices at every corner.
Average U.S. income in 2021: $97,962
As of 2021, the average U.S. income was $97,962, while the median U.S. income in 2021 was $69,717.
Another method to determine how much rent you can afford on $60K is the 50/30/20 budgeting rule. This recommends allocating 50% of your monthly take-home pay to necessities, 30% to discretionary expenses, and 20% to debt payments and savings.
How much does a 30$ An Hour make? As of Apr 30, 2023, the average annual pay for a 30$ An Hour in the United States is $52,916 a year. Just in case you need a simple salary calculator, that works out to be approximately $25.44 an hour. This is the equivalent of $1,017/week or $4,409/month.
Frequently Asked Questions. $26 an hour is how much a year? If you make $26 an hour, your yearly salary would be $54,080.
| Age | 25% | 99% |
|---|---|---|
| 29 | $25,100 | $240,001.00 |
| 30 | $25,200 | $338,500.00 |
| 31 | $28,000 | $252,670.00 |
| 32 | $29,998 | $320,900.00 |
According to the most recent data available for fiscal year 2019, an income of $540,009 per year puts you in the top 1% category. Based on that figure, an annual income of $500,000 or more would make you rich.
Overall, Americans need an average post-tax income of $68,499 to live comfortably in the U.S., according to recent data from SmartAsset.
According to the U.S. Census Bureau, the median income in 2021 was $70,784. So American families earning between $47,189 and $141,568 are technically in the middle class, according to the Pew Research Center's definition.
How much money annually is considered middle class?
| Income group | Income |
|---|---|
| Low income | Less than $52,200 |
| Middle income | $52,200 - $156,600 |
| Upper income | More than $156,600 |
Pew defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the United States Census Bureau. That means American households earning as little as $47,189 and up to $141,568 are technically in the middle class.
In 2021, the median household income is roughly $68,000. An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher. However, an upper class income also depends on where you live.
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range.
With the median U.S. income being about $80,000 a year, a household of four earning between roughly $52,000 and $175,000 a year is considered middle class.
Yes, with budgeting and living inside your means you should be able to live reasonably well, take small vacations and eat out occasionally. I know because my wife works and I stay at home with our three kids and we make it work. You really have to watch your spending though.
Is $40,000 a year considered middle class? According to Pew Research, a middle-class family of three makes between $56,000 and $156,000. Families of that size who bring in $40,000 a year would not be considered middle class. However, an individual making $40,000 a year would likely qualify as middle class.