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According to the Bureau of Labor Statistics, the statewide median wage in 2021 is $58,260.
However, whether you have a "good" salary depends on many factors.
What is a good salary? This may vary depending on where you live, your age and your job. However, you should have a general understanding of salary information to be able to decide on a suitable career path and improve your job prospects.
If you know what salary is right for your job, you'll be able to take action and be better prepared to negotiate a salary with your employer.
We provide some general information to help you evaluate your salary and determine the salary range that is right for you.
- factors that determine a good salary
- What salary do you live on?
- What is the average salary in the US?
- Average U.S. Salary by Education Level
- Average salary by industry in the U.S.
- What is the average growth percentage?
- How to Get a High Paying Job
- Next Step: Making the Most of Your Paycheck
factors that determine a good salary
To determine if a salary is competitive, consider the following factors.
While education isn't always a guarantee of your success in the professional field, a high school education and college degree can often land you more job opportunities. Additionally, earning a degree in an established program in your field can often increase your chances of being hired by top companies.
Generally, the more experience you have, the more likely you are to get paid. andlackskilled workersIn today's workplace, many companies struggle to find candidates who have sufficient experience and meet the job requirements.
Consequently, salaries for these senior positions are increasing.
Since experience is so valuable to employers, you may find that entry-level work isn't worth it either. If you're starting your first job right out of college, usually expect a lower salary. However, your annual income is likely to increase steadily as your career progresses.
The industry you work in has a major impact on your earning potential. Higher wages can often be earned in highly skilled fields that require longer education or training.
Healthcare, engineering, finance, entertainment, law, and information technology are examples of high-paying industries. If you want to maximize your earning potential, consider pursuing a career in a lucrative field of interest.
Even with the same job title, experience and education level,salaries in americaMay vary by location.
This difference in wages is largely due to differences in local demand for jobs.livelihoodand tax rates. For example, in San Jose, California, the average annual salary for a software developer in 2021 is approximately $167,000. Meanwhile, software developers in Chicago earn a lower annual salary of about $114,000.
What salary do you live on?
It's hard to come to a consensus on what counts as a good salary. A salary that is reasonable to one person may not be acceptable to another. Your spending habits, financial goals, amountsdigand other personal factors can affect your ideal salary.
Keys to take:The criteria for high salaries vary widely by location, cost of living and career choice.
To find out how much income you need to live comfortably as a single person, you can use ourCost of Living CalculatorCompare what you need to earn in each state.
What is the average salary in the US?
The data shows that the median U.S. salary is $58,260 and the median hourly wage is $28.01National Employment and Wage Estimates for May 2021iz BLS-a。
In 2021, it is estimated that women in the United States will earn approximately83 cents per dollarThis is how men make money. That's an improvement from 77 cents a decade ago.
How much women of different age groups earn per week, according to the U.S. Bureau of Labor Statistics for the fourth quarter of 2022:
- Ages 16 to 19: $602 ($31,304 per year)
- Ages 20 to 24: $706 ($36,712 per year)
- Ages 25 to 34: $955 ($49,660 per year)
- Ages 35 to 44: $1,099 ($57,148 per year)
- Ages 45 to 54: $1,042 ($54,184 per year)
- Ages 55 to 64: $1,017 ($52,884 per year)
- Age 65+: $873 ($45,396 per year)
Based on the same data, what is the weekly earnings of men in different years:
- Ages 16 to 19: $644 ($33,488 per year)
- Ages 20 to 24: $771 ($40,092 per year)
- Ages 25 to 34: $1,091 ($56,732 per year)
- Ages 35 to 44: $1,305 ($67,860 per year)
- Ages 45 to 54: $1,355 ($70,460 per year)
- Ages 55 to 64: $1,329 ($69,108 per year)
- Age 65+: $1,205 ($62,660 per year)
Average U.S. Salary by Education Level
- Less than high school: $626 ($32,552 per year)
- High school diploma: $809 ($42,068 per year)
- Any college, no degree: $899 ($46,748 per year)
- Associate Degree: $963 ($50,076 per year)
- Bachelor's degree: $1,334 ($69,368 per year)
- Master's degree: $1,574 ($81,848 per year)
- Associate's degree: $1,924 ($100,048 per year)
- PhD: $1,909 ($99,268 per year)
notes:All figures shown are weekly earnings based on 2021 data.
Average salary by industry in the U.S.
- Meal Prep: $29,450
- Health Support: $33,330
- Personal attention and service: $33,620
- Agriculture, Fishing and Forestry: $34,730
- Construction and Mining: $55,900
- Education: $62,140
- Art, design, entertainment, sports and media: $66,100
- Business and Financial Operations: $82,610
- Architecture and engineering: $91,740
- Computing and Mathematics: $99,860
What is the average growth percentage?
A raise can have a better impact on your annual income. Raise percentages typically vary depending on the reason for the raise, the workplace, inflation, and your company's ability to afford the raise when it comes to it.
Reasons someone might get a raise include:
- cost of living increases
- choose the best
- Operating results
- new business commitment
How to Get a High Paying Job
If your goal is to secure a higher-paying career, here are some tips to help you land a higher-paying job in today's competitive workplace.
Validate your future skills
As the nature of work continues to change with the advent of artificial intelligence and cutting-edge technology, it's important to stay abreast of the latest trends and develop skills that will be valuable for the future.
For example,fast growing careerJob titles such as data scientists and information security analysts are in high demand. This allows experts in these fields to be well rewarded for their work.
You can also future-proof your career by acquiring new skills to maintain value in the workplace despite the ever-changing job market.
Get professional advice from a tutor
A mentor can accelerate your career path by guiding you in the right direction and providing valuable insights to help you succeed in your career.
A mentor can also help you find the right resources, provide motivating career advice, and hold you accountable for your goals.
If your current employer offers a mentoring program, take advantage of it by asking your mentor questions about development opportunities within the company.
Become an expert in your field
thereforeInstitute of Labor StatisticsAs of January 2022, there are nearly 11 million job vacancies in the U.S., but the workforce is about 6.4 million. As the skills gap in the workforce widens, companies face increasing difficulty recruiting and filling high-quality positions.
By investing in opportunities to increase your knowledge and become an expert in your field, you may be able to gain a competitive advantage in the workforce. Whether you're attending webinars, going back to school, or taking classes, trying to expand your expertise can lead to career growth and salary increases.
participate in social activities
Networking events keep you updated on the latest industry trends and are a great way to expand your network and open up new opportunities. Remember to carry your business card or resume with you and be ready to present yourself and your skills effectively at these professional events.
You never know when you'll meet someone who can help you build a high-paying career.
Next Step: Making the Most of Your Paycheck
When considering what makes a good salary, also consider how much it takes to live comfortably while managing your finances wisely. With Credit Karma, it's possibleMonitor your credit ratingand start savingCredit Karma Money™ Sparen.
In general, though, a single person should expect to make at least $30,000-$40,000 per year in order to cover all of their basic expenses. That is considered a decent salary for a single person. Most college graduates should expect to make at least the average salary starting out.How can I compare my salary? ›
The best salary research sites are Glassdoor, SalaryExpert, Salary.com, Indeed, and the Bureau of Labor Statistics (BLS).Is $80000 a good salary? ›
No matter where you live, 80K is considered to be a pretty good salary for most people. This puts you in the higher middle-class range of people who are earning no matter where you live in the US.Is $135 000 a good salary? ›
By that definition, a middle-income three-person household earns about $45,000 to $135,000. If you're single, a salary of around $26,000 to $78,000 qualifies you as middle-income.Is $100 000 a good salary for a single person? ›
Most people can live comfortably on $100K a year. If you live in an area with a high cost of living and/or have a large family or very high expenses and/or debt, it may be more difficult to live comfortably on $100K a year. In either case, it is usually not challenging to afford basic living expenses.Is $60000 a good salary for a single person? ›
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.Do employees compare salaries? ›
Employees may get the impression they're not allowed to compare pay rates or other compensation with their co-workers. Can you get fired for discussing wages? Nope. In fact, not only is it legal to do so, it's illegal for employers to prohibit it, says David Reischer, a lawyer and CEO of LawyerReviews.com.Is it good to compare salaries? ›
People compare salaries because it helps them know the suitable compensation they should be receiving based on their specialty, experiences, skills, industry and location. Comparing salary will enable us to assess our career choices and to reasonably mediate our employment contracts.What is the average salary in the US today? ›
The average annual average salary in the U.S. is $60,575.What pay is middle class? ›
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. However, other factors must be considered.
$100,000 is $50.00 an hour.
$50.00 is the hourly wage a person who earns a $100,000 salary will make if they work 2,000 hours in a year for an average of 40 hours per week, with two weeks of total holidays. We take the annual salary of $100,000 and divide it by 2,000 to get to a $50.00 hourly rate.
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.Is 150K a year rich? ›
Across the entire country, that range is between $47,189 and $141,568, based on Census Bureau income data. But $150,000 is still a middle-class income by Pew's definition in nearly half of the country's 50 most-populated metropolitan areas, where incomes tend to be high.What salary is considered upper class? ›
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.Is 200k a year rich? ›
If you had an income of $200,000, that would put you in the top 10% of household incomes or the top 5% of individual incomes in 2021. Though I prefer household income over individual income, no matter how you cut it, $200k a year puts you on the higher end of the income spectrum.What percent of 25 year olds make 100k? ›
Only 2% of 25-year-olds make over $100k per year, but this jumps to a considerable 12% by 35. That's a whopping 500% increase in the share of people making $100k or more. 21% of 66-year-olds make $100k per year or more.What percentage of Americans make $100000? ›
|Income Brackets||% of Population|
|$50k - $75k||16.5%|
|$75k - $100k||12.2%|
|$100k - $150k||15.3%|
|$150k - $200k||8.0%|
How much does a 30$ An Hour make? As of May 22, 2023, the average annual pay for a 30$ An Hour in the United States is $240,666 a year. Just in case you need a simple salary calculator, that works out to be approximately $115.70 an hour.How much is 70k a year hourly? ›
A salary of $70,000 equates to a monthly pay of $5,833, weekly pay of $1,346, and an hourly wage of $33.65.
Frequently Asked Questions. $30 an hour is how much a year? If you make $30 an hour, your yearly salary would be $62,400.Can my boss tell my coworkers my salary? ›
Under the National Labor Relations Act (NLRA or the Act), employees have the right to communicate with other employees at their workplace about their wages.Should I tell my friends my salary? ›
Reveal income if your income is equal to the median income of your peer group (industry, level, experience) up to +15% over. If you are making any more, then it's probably best not to reveal and speak in generality. Any income below 115% of the median income of your peer group is fine.Do employees work harder for higher pay? ›
Research from Harvard Business Review shows that when a company gives an unexpected pay raise, workers tend to work harder than is required. This is true even if these workers aren't afraid of getting fired.Is it better to take a higher salary? ›
With higher pay, you will have greater immediate purchasing power. On the other hand, better benefits may improve your lifestyle in ways that the additional purchasing power cannot compensate for. In the end, the main thing to consider is how important having more money in your paycheck is compared to other perks.Why is salary better than wage? ›
Pros and Cons of Paying Employees a Salary
✔ You can attract employees with a flexible schedule and stable pay. ✔ You won't pay overtime wages during periods that require extra work. ✖ You can't pay employees less during periods that require less work, even if they clock hours.
Don't do it. “While taking a job that has a high salary may sound like it will improve [your] overall quality of life, it actually may do the opposite if you don't love what you're doing,” says Freudenberg.What is considered a good salary in 2023? ›
If a worker works 52 weeks a year, this equates to a national annual salary of $51,168, up 5.1 per cent from the previous year. Any sum beyond that should be regarded as a good salary; however, this is not always the case.What is considered upper middle class? ›
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 40k a year good? ›
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.
|Household Size||Very-Low Income||Moderate-Income|
|1||$11,550 or less||$19,301 - $30,850|
|2||$13,200 or less||$22,051 - $35,250|
|3||$14,900 or less||$24,801 - $39,650|
|4||$16,550 or less||$27,551 - $44,100|
Top 5% income
You'll start to see dramatic shifts in the top 5%, where the EPI found the average earners significantly increased to $343,000 in 2020, up from $324,000 the year before. While that's certainly a lot, there's a growing trend of even more cash flowing to — flooding even — those at the top of the heap.
|STATE||1 EARNER||4 PEOPLE *|
$25 an hour is how much a year? If you make $25 an hour, your yearly salary would be $52,000.How much is $45 an hour annually? ›
Frequently Asked Questions. $45 an hour is how much a year? If you make $45 an hour, your yearly salary would be $93,600.How much is $40 an hour annually? ›
Frequently Asked Questions. $40 an hour is how much a year? If you make $40 an hour, your yearly salary would be $83,200.How much does the average family make a year? ›
The median household income in the U.S. for 2021 is is $70,784, up from $68,010 in 2020.What jobs are upper-middle class? ›
The most common professions of the upper-middle class tend to center on conceptualizing, consulting, and instruction. They include such occupations as lawyer, physician, dentist, engineer, professor, architect, civil service executive, and civilian contractor.What are the five social classes? ›
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.How much mortgage can I afford if I make 150k? ›
The lower your down payment, the higher your monthly mortgage payment. “With a $150,000 income, you could potentially save up to $100,000 – 20 percent – within a few years,” says Shri Ganeshram, CEO of real estate website Awning. “This would allow you to purchase a home in the $500,000 range.”
Choose the right career
And one crucial detail to note: Millionaire status doesn't equal a sky-high salary. “Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”
|Annual household income in U.S. dollars||Percentage of U.S. households|
|75,000 to 99,999||11.9%|
|100,000 to 149,999||15.9%|
|150,000 to 199,999||8.3%|
|200,000 and over||11.6%|
The term upper class is a socioeconomic term used to describe those who reside on the highest levels of the social ladder above the middle and working or lower classes. They generally have the highest status in society and hold a great deal of wealth.What is the highest paying occupation? ›
|OCCUPATION||2022 MEDIAN PAY||PERCENTAGE INCREASE OVER NATIONAL MEDIAN|
|Computer and Information Systems Managers||$164,070||254.30%|
|Architectural and Engineering Managers||$159,920||245.30%|
Upper class — this is a term about a noble social class with a lot of admiration. These people are very rich and normally, their immense wealth has been passed through many generations. However, in many cases, it is impossible to tell if a person is from this noble class if you only look at how she/he spends money.What is the ideal salary to be happy? ›
A study from Purdue University and GoBankingRates.com found that you need a minimum annual salary of $145,635 to be happy in California, citing "California's notoriously high cost of living." The number is down slightly from 2022, where it cited a salary of $149,310 to be happy living in California.How much should I have in my 401k? ›
By age 40, you should have three times your annual salary already saved. By age 50, you should have six times your salary in an account. By age 60, you should have eight times your salary working for you. By age 67, your total savings total goal is 10 times the amount of your current annual salary.How much is rich by age? ›
|Age of head of family||Median net worth||Average net worth|
The median income was $70,372. Three out of the top five cities with the highest income thresholds for the middle class are located in the Bay Area. These middle income residents need to make at least $81,623 in San Francisco, $84,673 in San Jose and $104,499 in Fremont.Is $75000 a year 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.
"To be middle class, a household of three would have an income between $40,000 and $154,000." A three-person middle-income household makes about $52,000 to $156,000 every year according to Pew's definition.How much does the average American make? ›
The average annual average salary in the U.S. is $60,575. The median annual salary, which is often less skewed by outlying numbers, is $56,420. It's worth noting that average and median salaries vary quite a bit by state.How much money is considered wealthy? ›
The Modern Wealth Survey collected responses from 1,000 adults between the ages of 21 and 75. According to those surveyed, it would take an average net worth of approximately $2.2 million to be considered “wealthy” in 2022. In 2021, survey respondents indicated it would take a net worth of $1.9 million.What does $18 an hour equal annually? ›
Exactly how much is $18 an hour per year? If you're working full time, $18 an hour equals $37,440 per year. To get this number, multiply your hours per week — 40 for full time — by the number of weeks per year — 52.Is 25 an hour a livable wage? ›
California. The livable wage in California is $21.82 per hour, making it the fifth highest livable wage in the US. California's high livable wage can be attributed to its high cost of living, especially in major cities such as San Francisco and Los Angeles.Is 25 an hour $50,000 a year? ›
With a full time work schedule, $50,000 a year is $24.04 an hour.Can you live off 30k a year? ›
So while it's comforting to know that it's possible to live on $30,000 a year, it's also a good idea to aim higher and save more when you're young, because you can't know for certain what the future will cost and you may want some flexibility.How much do I need to make to afford a 250k house? ›
A $250,000 home, with a 5% interest rate for 30 years and $12,500 (5%) down requires an annual income of $65,310.Can you buy a house making 40k a year? ›
How much house can I afford with 40,000 a year? With a $40,000 annual salary, you should be able to afford a home that is between $100,000 and $160,000. The final amount that a bank is willing to offer will depend on your financial history and current credit score.