This is how much singles need to live comfortably in California (2024)

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This is how much singles need to live comfortably in California? ›

But just how much does a single person in California need to make to live comfortably? A new study from Smart Asset determined that a person must make at least $ 89,190 to get by comfortably.

Here, a single person needs $110,781 annually or $53.26 in hourly wages to be comfortable, according to the data. For a family of two working adults with two children, a salary of $276,557 is needed. Anaheim and Long Beach also made the list, tying for #14.

The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people.

The states with the highest livable wage are the District of Columbia, Hawaii, New York, Massachusetts, and California, with hourly rates ranging from $23.13 to $21.82.

A good salary for a single person in California varies widely depending on location and industry: $50K may be enough in some areas, $100K in others.

The most expensive and least expensive states vary by more than $66,000. In Hawaii, you need to earn $112,411 to have what GoBankingRates considers a living wage. In Mississippi, you need $45,906. In California, you need to earn $80,013, the study states.

The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.

According to the latest figures by the Bureau of Labor and Statistics, the average salary in USA per month is $5,677 or $68,124 per year. As of 2023, the gross minimum salary in the USA is $32.75 per hour. Salaries range from $32,916 to $112,268 per year and include housing, transport, and other benefits.

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.

What is the cheapest state to live in financially? ›

The data used in the study analyzed the cost of living in each city as of 2022. For California cities like Los Angeles, Berkeley and San Diego, a single person must make more than $76,000 to “live comfortably,” the data shows.

A study by Consumer Affairs has tabulated the minimum annual income required for a family of four to be considered middle class in each state, and in California, that income is $69,064.

The following data are the most current income statistics for California from the US Census Bureau, are in 2022 inflation adjusted dollars and are from the American Community Survey 2022 5-year estimates. Median Household Income: $91,905. Average Household Income: $130,718. Per Capita Income: $45,591.

Here's how much it takes to be considered 'middle class' in Southern California. A new report by the Pew Research Center shows how much money one needs to earn to be considered "middle class" in major cities. The study defines "middle class" as earning between $47,000 to $141,000 a year.