Quality of Life on a $87,295 Salary in the United States
Earning $87,295 per year in the United States positions an individual slightly above the median household income, which was around $68,703 in 2019. Here’s a detailed assessment of the quality of life for an individual with this income relative to various essential factors.
Cost of Living
- Overall Expenses: With a salary of $87,295, an individual can afford a comfortable lifestyle in most U.S. areas, though not all. Lifestyle affordability heavily depends on geographical region.
- Regional Variations:
- Urban Areas: Cities like New York, San Francisco, and Los Angeles come with high living costs that may stretch this salary thin.
- Rural and Suburban Areas: More affordable, providing better savings opportunities and disposable income.
Housing Market
- Home Prices:
- In robust housing markets (e.g., San Francisco, NYC), median home prices can soar well above the national average of approximately $374,000 as of 2021.
- In less competitive markets, affordable home buying is possible with this salary.
- Rental Markets:
- Rent in metro areas can consume a large portion of income.
- More affordable rental options are available in smaller towns and suburbs.
Quality of Life
- Disposable Income: After accounting for taxes and essential expenses, individuals could have moderate discretionary spending capacity for leisure, dining, and travel.
- Savings Potential: Variability exists depending on location, but saving for emergencies or retirement is feasible if cost of living is balanced.
Access to Healthcare
- Healthcare Costs:
- Employer-sponsored healthcare plans are more affordable, but out-of-pocket expenses can still be significant.
- Accessibility and costs can vary significantly by state, impacting overall quality of life.
Quality of K-12 Schools
- Public Education:
- School quality can vary widely, largely depending on the district and local tax funding.
- Families may opt for private education in regions with underperforming schools, affecting their discretionary budget.
Summary
An income of $87,295 per year offers a relatively comfortable lifestyle in many areas of the United States outside the most expensive cities. This salary provides the flexibility to cover basic living expenses, housing, healthcare, and offers potential savings or discretionary spending. However, regional cost variances are critical in
