Quality of Life for a $117,385 Annual Income in the United States

Earning $117,385 annually in the United States provides an individual with a comfortable quality of life, though it can vary significantly depending on the specific region. Below is a comprehensive breakdown of factors influencing quality of life, including cost of living, housing, and other essential aspects.

Cost of Living

• Variation by Region: The cost of living varies greatly across the United States. Cities like San Francisco, New York, and Seattle will have significantly higher living costs compared to smaller cities in the Midwest or the South.
• Affordable vs. Expensive Areas: In more affordable regions, this income allows for substantial discretionary spending, savings, and investment. In expensive areas, however, the margin for discretionary spending narrows considerably.
• Overall Expenses: Major expense categories include housing, transportation, food, healthcare, and taxation. Allocating appropriately to each category is crucial for maintaining a balanced lifestyle.

Housing Market

• Home Prices: Nationally, median home prices are around $375,000 as of 2023. City-specific variances mean that this income may afford a spacious home in many areas but might only cover a modest apartment in high-cost cities.
• Affordability: With judicious budgeting, it is feasible to allocate around 25-30% of this income to housing expenses, adhering to financial best practices.

Quality of Life

• Discretionary Spending: Individuals can enjoy a good level of discretionary spending, allowing for dining out, entertainment, travel, and hobbies, more abundantly in certain areas.
• Leisure and Recreation: Access to cultural, recreational, and dining venues varies widely; urban areas typically offer more options but at a higher cost.

Access to Healthcare

• Insurance Costs: Health insurance is a significant consideration. Employer-sponsored plans can ease expenses substantially but vary widely in quality and coverage.
• Healthcare Quality: The United States is known for high-quality healthcare services, although accessibility and affordability are concerns still influenced by location and personal insurance plans.

Quality of K-12 Schools

• Public Education: Quality of public K-12 education is notably inconsistent, often correlating with neighborhood affluence. High-income areas generally have better-funded schools.
• Private Education: This income allows access to private schooling options, beneficial in areas with less desirable public school systems