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A small bedroom apartment in the city center runs you $150 (less outside the city), so you can guess how cheap everything else is going to be. This post contains affiliate links, which means I may receive a small commission, at no extra cost to you, when you make a purchase. But only 44% of poll participants said someone making $90,000 a year was rich. But just how good enough is 60K as an annual salary in the first place? Once you master the exchange rate in your head, youll start to realize the cost of living in Toronto is similar to most large US cities like Denver and Nashville. With a 22% income tax bracket, this income will cover the average expenses of $78,000. The poverty in this part of the country is one of the worst in the U.S. Public education is lacking, and its a situation most people would rather leave than embrace. But not all foreign countries are cheap. If youre lucky enough to work from home or have a digital nomad-friendly job, search out parts of the world where your family can live an amazing life for less. Utilities run you around $200 a month. The average child costs $14,846 per year to take care of in the U.S. I also know that your primary residence shouldnt count as an investment, but owning one home makes it much easier to buy another and another and another. Is a salary of $60,000 adequate for a single person in Melbourne? Other than that though, $60,000 per year is a good salary in the U.S. No votes so far! Sign up to make sure you get your free consultation. Do you want to make money from your passion for photography? You can live comfortably on this salary if you budget properly and have no major expenses. Any time you add in extra variables, the data changes. 60K may or may not be a good salary. Here are some common questions you might have about a $60,000 salary answered: Yes, a $60,000 salary is typically good for a single person. In fact, many lower earners dream to make such an 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. Is $60k a Year Good? Can You Even Live Off of $60k a Year? - LogicalDollar If you ask for anyones opinion, theyll make it abundantly clear that you can do really well with a salary of $60K a year if you live in inexpensive states such as Alabama, Georgia, and Kansas. High-speed internet in India also costs a fraction of the U.S. were talking 10 bucks a month. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. What is the average tax return for a single person making $60000? PhD grads earn 23% more than Masters Degrees. With this respect, someone who earns $60,000 a year pre-tax, or at least $51,000 a year after taxation, is an example of a middle class earner in the United States of America.