Here’s how much money you need to earn in NC to live comfortably in 2024, report shows (2024)
Chyna Blackmon
·1 min read
The cost of living has changed a lot over the years, especially in North Carolina, where you need nearly six figures to live comfortably.
In a recent report, SmartAsset revealed how much income is needed to maintain a “comfortable lifestyle” across the country for single adults and families of four based on costs for housing, food, transportation, income taxes and other factors.
Using the ‘50/30/20 budget rule’ — with 50% of income for basic needs, 30% on wants and the remainder for savings — North Carolina ranked 25th among the most expensive states to live.
Cost of living in NC
Hourly wage needed for a single working adult: $43.12
Salary needed across two working adults raising two children: $209,331
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Across state lines, the cost of living needed to live comfortably in South Carolina is slightly cheaper. According to the report, single adults need about $88,317 to live comfortably and families of four need $200,762.
In comparison, Massachusetts is the most expensive state to live comfortably in overall. An income of $116,022 is needed for a single adult and two working adults raising two kids need about $301,184.
But the cheapest place to live, according to the report, is West Virginia, where a single adult can live comfortably off of $78,790. For families, an income of $189,363 is needed to cover basics, wants and savings.
You can find more information about the report and the cost of living in other states online at smartasset.com.
A family of four, two adults and children, need to make more than $300,000 to live comfortably. The study also casts a spotlight on the solo living scenario in New York City, where an individual needs to earn an hourly wage of $66.62, translating to an annual salary of $138,570, to live comfortably.
As of Jul 12, 2024, the average hourly pay for a Hourly in North Carolina is $22.57 an hour. While ZipRecruiter is seeing salaries as high as $38.45 and as low as $15.51, the majority of Hourly salaries currently range between $22.74 (25th percentile) to $25.34 (75th percentile) in North Carolina.
Your household would need to earn at least $64,224 to be considered middle class in the Garden State, and earning more than $192,692 would put you in the upper class.
In North Carolina, your annual income typically falls within a specific range, from $42,994 to $206,606, to be considered middle class. This depends on your family size.
With New Jersey ranking as the top state to make the most money to be considered middle class, other states ranking in the top five requiring salaries exceeding $50,000 to be in this category include Maryland ($63,321) and Massachusetts ($62,986), Hawaii ($61,633) and California ($61,028).
Key Findings. In a large U.S. city, a middle-class income averages between $52,000 and $155,000. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.
Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.
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.
The average monthly expenses for a single person will depend quite a bit on where you live, and if you're living alone for the first time, you might be surprised that most things cost more, not just your rent. The national average expenses for a single person living alone are around $3,500 per month.
“Good income is relative to the average household income in America, which is $78,000 right now.” Real median household income in the U.S. was $78,250 in 2019 and fell to $74,580 in 2022, according to the Census Bureau. "You're not a bad person. You're not a horrible income earner. You're not lazy.
What are Top 10 Highest Paying Cities for Highest Jobs in North Carolina. We've identified 10 cities where the typical salary for a Highest job is above the average in North Carolina. Topping the list is Durham, with Mooresville and Vander close behind in second and third.
A separate study recently released by SmartAsset showed that the average person making an annual income of $100,000 in Charlotte is actually taking home about $76,750 after adjusting for taxes and cost of living.
In 2023, the federal poverty level definition of low income for a single-person household is $14,580 annually. Each additional person in the household adds $5,140 to the total. For example, the poverty guideline is $30,000 per year for a family of four.
If you make $75,000 a year living in the region of North Carolina, USA, you will be taxed $18,175. That means that your net pay will be $56,826 per year, or $4,735 per month.
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