Quality of Life Overview for a $142,205 Salary in the United States

Summary of Cost of Living

• National Average Comparison: A salary of $142,205 annually positions an individual comfortably above the median household income in the U.S., which as of 2023, is around $70,000.
• Living Standards: This salary allows for a comfortable lifestyle, supporting the essentials such as housing, healthcare, and education, with discretionary income available for savings and leisure.
• Regional Variability: The cost of living varies significantly by region, with cities like San Francisco and New York demanding higher expenses, whereas regions in the Midwest and South typically offer a lower cost of living.

Housing Market

• Home Affordability: The median home price in the U.S. is currently hovering around $375,000. With a $142,205 salary, one can afford to buy a home in many parts of the country, especially with a reasonable mortgage rate.
• Urban vs. Suburban/Rural: Housing affordability will differ drastically between urban centers, where prices are higher, and suburban or rural areas, where prices are more modest.
• Investment Potential: Buying property in rapidly growing areas or gentrifying neighborhoods may offer good investment opportunities for those with this income.

Quality of Life

• Discretionary Spending: This income allows room for leisure activities, vacations, and personal hobbies, contributing to overall well-being.
• Savings and Investment: Capable of establishing a solid savings plan, investing in retirement funds, and addressing financial emergencies with relative ease.
• Work-Life Balance: Ability to potentially afford services that improve work-life balance, such as home cleaning or childcare.

Access to Healthcare

• Insurance Affordability: A higher income provides better access to quality healthcare insurance plans, either through employer-sponsored options or private insurers.
• Quality of Care: The ability to afford top-tier healthcare services and facilities, including specialist care and elective procedures.
• Preventative Health: Greater access to preventative health measures and wellness programs which can improve long-term health outcomes.

Quality of K-12 Schools

• Public vs. Private Choices: Families can choose to live in areas with highly-rated public schools or opt for private schooling options.
• Extra-curricular Opportunities: Ability to afford additional educational resources and activities such as tutoring, sports, and arts programs