Is a $70K Salary Good?

So, you just got a new job offer with a base salary of $70K. Is this a good salary? Well, it depends on your financial situation and goals. Everyone has different financial needs and goals, so more than what might be considered a good salary for one person may be needed for another. Is a $70k salary good for you?

Is a $70K Salary Good?

Yes, a $70k salary is generally considered a good salary. It’s within the salary range of the median household income in the United States, which is around $70,784 per year, according to the U.S. Census Bureau. It is also around the average salary for a professional with a college degree, which is usually anywhere from $50-76K, depending on the field.

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However, whether or not this salary is enough for you to live comfortably depends entirely on your lifestyle and financial goals. You may need to supplement your income with other sources, negotiate a higher salary, or make strategic financial decisions to reach the level of comfort you desire.

Factors That Will Determine Whether or Not $70K Is a Good Salary

As I mentioned above, many factors will determine whether or not $70k is a good salary for you. These include:

  • Your Location
  • Your Financial Goals
  • Your Current Financial Situation
  • Your Lifestyle and Expenses
  • Your money management skills

Your Location

The cost of living varies significantly across different parts of the country. For example, in cities like San Francisco and New York, you’re looking at a much higher cost of living than in more rural areas or small towns.

Your location will determine how much you pay in taxes (state tax), housing costs, health care, and even social security.

If you’re living in an area with a high cost of living, you may need more than an average salary of $70,000 a year to live comfortably.

Your Financial Goals

Your financial goals will also determine whether or not a $70,000 annual income is enough. If you have plans to save up for a house, travel, or invest in the stock market, you may need to supplement your after-tax income with other sources.

However, you can still accomplish several goals with a $70k yearly salary if you plan accordingly.

Your Current Financial Situation

If you have a large amount of debt, such as student loans, car loans, or credit card debt, you may need to put more of your $70K salary towards paying down those debts to free up more money for other things.

Therefore, depending on your debt, you may need help to live comfortably on a $70K annual salary. You will have to counteroffer the salary or look for a better job.

Additionally, if you have enough money saved in your emergency fund, you should be able to pull through with $70,000 a year.

Your Lifestyle and Expenses

Everyone has different lifestyles and different living expenses. Some people want to save as much money as possible, while others may want to splurge a bit more on things like travel or entertainment.

If you have a high cost of living and/or plan on spending more than average on discretionary items, you may need more than an average salary of $70,000 a year, such as a $120k salary a year, to live comfortably.

On the other hand, if you can keep your expenses low and stick to a monthly budget, then $70K is a good salary for you.

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Your Money Management Skills

Your money management skills will also determine whether or not $70,000 is a good salary. If you can budget and save money effectively, you may get by with this salary.

However, if you tend to overspend and make impulse purchases, then it’s likely that $70,000 a year won’t be enough to live how you want.

Financial Responsibilities and Dependents

As I have already clarified, $70k a year is an excellent salary. However, its sufficiency will largely depend on whether or not you have financial responsibilities or people that depend on you. If you have children or a partner that depends on your income, you may need more than $70,000 a year to provide for them.

On the other hand, if you are single, this should be an excellent salary to settle necessities and still have some balance in your bank account.

Additionally, if you are a salaried employee and pay taxes or your own mortgage, you might strain financially. In this case, you will have to find a job that pays $80k a year or pays $100k a year.

How to Manage a $70,000 Annual Salary

Making $70k a year is an excellent starting point and a good salary. However, it’s essential to know how to manage your money effectively for it to be enough.

Here are some tips on how to do just that:

Create a Budget

A reasonable budget will help you track your income and expenses to ensure your $70k annual salary goes where it should. This will also help you stay on top of your expenses and determine if there are areas where you can cut back spending to save more money.

Set Financial Goals

Setting financial goals for yourself is essential so that you’re always working towards something more significant. Whether saving up for a down payment on a house, investing in the stock market, or taking a dream vacation, setting financial goals will help you make the most out of your $70k salary.

Pay Your Debt

If you have any debt, you must make sure you’re paying it off quickly. This will free up more money for other expenses like retirement.

At the end of the day, $70,000 a year will only be a good salary if you are not using most to pay accumulated debt.

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Cut Extra Expenses

Finally, it’s essential to get in the habit of cutting out any extra expenses you don’t need. This could be anything from a monthly subscription service you rarely use to eating out at restaurants more than you should. You’ll have more money for other things when you reduce your expenses.

Related Questions

Is a $70K Yearly Salary Middle Class?

Yes, $70K a year is considered middle-class income. In 2021, the median household income was just over $70,000 per year. Therefore, making a $70K yearly salary puts you within the median and middle-class range.

How Many Houses Can I Afford With a $70K Salary?

If you make $70k a year, you can afford to put up to $350,000 towards buying a house. This is based on taking the typical 20% down payment for a conventional mortgage and assuming that your monthly payments will not exceed 25% of your gross income.

What Percent of Americans Make $70K a Year?

Approximately 16.5% of Americans make between 50k and 75k a year. This is based on data from Zippia, which shows that the median household income was just over $61,000. Therefore, those making $70K are slightly above the median and into the upper-middle class range.


Overall, $70,000 a year is a good salary — especially if you’re living in an area with a low cost or can manage your money effectively. However, it’s essential to consider your financial goals and current situation when determining whether or not this is a good salary for you.

Jared Bauman is the owner and editor of He has started and sold several companies, along with owning several investment properties. His interest in personal finance started as a young kid, developed through his entrepreneurial ventures and real estate investments, and continue through his conversations with friends and colleagues.

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