Is $58,000 a Good Salary for a Single Person?

Is a salary of $58,000 good for a single person? The answer to this seemingly simple question is complicated because it depends on many factors. These factors include: where you live, what’s your lifestyle, how much debt you have, your line of work, your level of education and experience, and what goals you have.

For example, where you live will significantly affect your cost of living, so your dollar might not go as far in a higher-cost-of-living area than a lower-cost-of-living area.

In this article, we will take a look at whether a salary of $58,000 is good for a single person and which factors play into this.

How a Salary of $58,000 Compares to Other Individuals In The United States

According to data from the US Census Bureau for 2022, the median income for Nonfamily households in the United States was approximately $45,440 – which means that half of all individuals earned more than this amount, and half earned less.

So, if you have a salary of $58,000, you have a salary that is in the top 50 percent of all earners in the United States.

With a salary of over $50,000, you are doing well and part of above-average earners in the United States.

Let’s look at some other factors to help you answer the question if a salary of $58,000 is good.

Determining if a Salary of $58,000 is Good Relative to Where You Live

Where you live will greatly affect how much money you make. For example, in higher-cost-of-living areas, such as California and New York, wages are typically higher. In lower-cost-of-living areas, such as Mississippi and Oklahoma, wages are typically lower.

According to FRED (Federal Reserve Economic Data), here is the data for the Annual Per Capita Personal Income by State for 2022. We have summarized this data below.

Alabama	50,637
Alaska	68,919
Arizona	56,667
Arkansas	51,787
California	77,339
Colorado	74,167
Connecticut	84,972
Delaware	61,387
District of Columbia	96,728
Florida	63,597
Georgia	57,129
Hawaii	61,175
Idaho	54,537
Illinois	68,822
Indiana	57,930
Iowa	58,905
Kansas	60,152
Kentucky	52,109
Louisiana	54,622
Maine	59,463
Maryland	70,730
Massachusetts	84,945
Michigan	56,813
Minnesota	68,010
Mississippi	46,248
Missouri	56,551
Montana	57,719
Nebraska	63,321
Nevada	61,282
New Hampshire	74,663
New Jersey	78,700
New Mexico	51,500
New York	78,089
North Carolina	57,416
North Dakota	66,184
Ohio	57,880
Oklahoma	54,998
Oregon	62,767
Pennsylvania	65,167
Rhode Island	65,377
South Carolina	53,320
South Dakota	65,806
Tennessee	58,279
Texas	61,985
Utah	57,925
Vermont	63,206
Virginia	68,211
Washington	75,698
West Virginia	49,169
Wisconsin	61,210
Wyoming	71,342

So at a salary of $58,000, you are making less than a lot of the state’s Per Capita Personal Income as seen above.

Something else to consider is whether you live in a city or rural area. Again, in cities, typically you can make more for your work.

Therefore, it’s essential to look at where you live and see how you compare to other earners in your area.

Is $58,000 a Good Salary for My Age?

First, let’s take a look at some data from the U.S. Bureau of Labor Statistics on income and age. We have created the following table based on data from 2022 to find the approximate median earnings for full-time workers by age.

Age	Annual Income
16 to 19 years	$31,486
20 to 24 years	$36,790
25 to 34 years	$51,610
35 to 44 years	$61,568
45 to 54 years	$62,101
55 to 64 years	$60,021
65 years and over	$53,664

So if you compare your salary and age to this chart, at $58,000 you are doing better than the median salary for your age group if you are 34 or younger, and worse if you are older than 34 years old.

But remember, whether a $58,000 salary is considered good for your age also depends on various factors, including your location, field of work, level of experience, and personal financial goals. Age alone is not the sole determinant of what constitutes a good salary.

In some regions with a lower cost of living, a $58,000 salary can provide a comfortable lifestyle and the ability to save for the future, making it a good income for your age. However, in high-cost-of-living areas, this salary might require careful budgeting to maintain the same standard of living.

Ultimately, it’s important to focus on your own financial objectives and how your salary aligns with them. Assess your expenses, savings goals, and lifestyle choices to determine whether your salary enables you to meet your needs and work towards your financial aspirations, regardless of your age.

Is a Salary of $58,000 Good for Your Level of Education and Experience?

Another question you can ask yourself is if your salary is good for the level of education and experience you have in your field.

For example, if you just started working and only have limited education, then you most likely will not be getting paid as much as others who have been in the field for a long time.

At the same time, if you have been working in the same job or area for many years, then your level of experience should show in your salary.

Once again we looked into 2022 data released by the U.S. Bureau of Labor Statistics on weekly income based on education. We put together another table showing the annual median income earned by education level.

So at a salary of $58,000, you are doing better than the median for others with some college or an associate degree, but making less than others with a Bachelor’s degree and higher.

Something else to consider is which field you work in. For example, typically, jobs in medicine, technology, finance, or law will pay more than jobs in the service industry or other industries.

For example, if you are making more than $58,000 and are working in a service industry, then you are probably doing quite well relative to others in your industry.

Likewise, if you are working in a higher-paid industry, there may be more room to grow in your job.

Will a Salary of $58,000 Help Me Become Rich?

A salary of $58,000 can certainly help you build wealth and achieve financial success, but whether it will make you “rich” depends on various factors, including your financial goals, lifestyle choices, expenses, and savings/investment strategies. Here are some considerations:

1. Financial Goals: The definition of “rich” varies from person to person. For some, it means achieving financial security and having enough to comfortably cover living expenses and retirement. For others, it means accumulating significant wealth. Your specific financial goals will determine what “rich” means to you.
2. Lifestyle Choices: Your spending habits and lifestyle choices play a significant role in your ability to accumulate wealth. Even with a high salary, if you spend excessively or accumulate debt, it can hinder your path to becoming rich. Budgeting, practicing mindful spending, and living below your means are essential.
3. Savings and Investments: Building wealth often involves saving a significant portion of your income and making smart investments. A high salary provides the opportunity to save and invest more, which can accelerate your wealth-building journey. Consider contributing to retirement accounts, investing in stocks or real estate, and diversifying your investments.
4. Debt Management: Reducing and managing debt, such as student loans, credit card debt, and mortgages, is crucial for building wealth. High-interest debt can erode your financial progress, so it’s important to prioritize paying it off.
5. Cost of Living: The cost of living in your area can significantly impact your ability to save and invest. In high-cost-of-living areas, it may be more challenging to build wealth, even with a high salary.

Conclusion

In summary, a $58,000 salary provides a foundation for building wealth, but it’s not the salary alone that determines your financial success. Becoming “rich” is a subjective goal, so it’s essential to define what it means for you and create a financial plan to pursue it.

Hopefully this article has been useful for you to answer the question: Is $58,000 a Good Salary for a Single Person?