In the vast landscape of Texas, defining a "good" salary is akin to navigating through diverse terrains. We dissect the intricacies, leaving no financial stone unturned, to provide you with a comprehensive understanding of what constitutes a commendable income in the Lone Star State.
Decoding the Living Wage in Texas
To gauge a good salary, we delve into the living wage benchmarks set by MIT, an annual litmus test for one or two working adults, with or without children. From a solitary individual's basic needs, clocking in at just over $34,000, to the dynamics of supporting a family of five requiring a robust $108,000, we break down the figures with precision.
Unveiling Texas Professions: Highs and Lows
Embark on a journey into the economic heartbeat of Texas, where professions sway the financial pendulum. MIT’s insights reveal that the top echelons rake in around $100,000, while the lower tiers settle around $45,000. However, a nuanced perspective unfolds when we consider regional disparities, spotlighting Austin's soaring cost of living against the backdrop of the more affordable Panhandle or Dallas.
Analyzing Annual Expenses in the Texas Mosaic
Dive into the mosaic of expenses that shape the Texan financial landscape. MIT’s scrutiny encompasses food, child care, medical, housing, transportation, civic, and annual taxes. For a lone Texan, this translates to a nuanced allocation, with housing and transportation claiming significant shares. For a family of five, the financial orchestration extends, revealing the intricate dance of balancing needs, wants, and responsibilities.
The Minimalist Approach to Texan Comfort
Explore the philosophy of financial minimalism in the Texan context. We unravel the dichotomy between luxuries and minimalism, spotlighting the “less is more” ethos. Texans embracing minimalism find solace in living below their means, fostering financial resilience and room for meaningful expenditures. The 50/30/20 budgeting approach emerges as a structured guide for those seeking balance in needs, wants, and savings.
The Cost of Living Chronicles: Harlingen's Anomaly
Venture into Harlingen, a Texan anomaly where the cost of living dances to a rhythm 24% lower than the national average. With a median home sale price of $250,000, this enclave challenges conventional notions of a good salary. Harlingen's tale underscores the geographical nuances that redefine financial benchmarks within the vast expanse of Texas.
Navigating Texan Comfort Zones
What defines comfort in the eyes of Texans? The answer is as diverse as the Texan landscape itself. Between financial minimalism and luxury pursuits, we unravel the intricacies of Texan comfort. The article paints a vivid picture of the financial spectrum, urging readers to assess where they fall on the minimalism to luxury continuum and make informed decisions.
Conclusion: Deciphering the Texan Salary Code
In the grand tapestry of Texas, a good salary is not a one-size-fits-all concept. It’s a nuanced interplay of family size, location, and personal spending habits. As we draw the curtain on this exploration, the conclusion is clear: A good salary in Texas ranges between $55,000 and $73,000, bridging the gap between financial pragmatism and comfort. For Texans aspiring to navigate their financial journey with precision, SoFi Insights stands as a guiding beacon, offering tools to track, plan, and gain invaluable insights into their financial landscape.
FAQs
What's considered a “good” salary in Texas depends on your household size and lifestyle, but most Texans make between $45,000 and $100,000 annually. Texas cities have differing costs of living, of course — Austin is much pricier than Amarillo — so where you live in the Lone Star State also matters.
Is $120,000 salary good in Texas? ›
Btw, yes. $120,000 is a very good income. Is a $150k salary enough for a couple to live on in Houston? Definitely!
What is considered high earner in Texas? ›
In Texas, an annual income of $641,400 will land you at the top, while $258,400 only gets you to the top five percent.
What is considered a good hourly wage in Texas? ›
Hourly Salary in Texas
| Annual Salary | Hourly Wage |
|---|
| Top Earners | $81,519 | $39 |
| 75th Percentile | $54,000 | $26 |
| Average | $47,233 | $23 |
| 25th Percentile | $48,400 | $23 |
According to their study, to be considered middle class in Texas, a family of four must earn $66,597 -- which ranks 30th among all states.
Is 80k a year middle class? ›
One common way to classify the upper middle class is based on income. The upper middle class is often defined as the top 15% to 20% of earners. According to the Social Security Administration's 2022 wage data, the average upper-middle-class income was roughly between $80,000 and $100,000.
What percent of Texas makes 100k? ›
Texas Household Income Distribution, 2019
| Income Level | State Total |
|---|
| $25,000 to $49,999 | 22% |
| $50,000 to $74,999 | 18% |
| $75,000 to $99,999 | 13% |
| $100,000 or more | 29% |
1 more row10.6% of Households in Texas are High Income Households that make over $200,000 a year.
How much should you make to live comfortably in Texas? ›
To live comfortably in the largest metro areas in the United States, on average, an individual would need to make $68,499 a year after taxes, which is a 20 percent increase from 2022. In other Texas metro areas, like Houston and San Antonio, a person would need to make $62,260 and $59,270 a year post-tax.
What is the top 10% income in Texas? ›
Texas
- Median income: $73,035.
- Top 10% income: $260,767.
Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.
What is a livable salary in Dallas Texas? ›
According to a 2022 study by the Economic Policy Institute, a living wage for a single adult in Dallas is $11.71 per hour. This means that a worker earning minimum wage would need to work 1.6 full-time jobs in order to make enough money to cover their basic expenses.
What is a comfortable salary for a single person? ›
This is how much singles need to live comfortably in California
| RANK | STATE | INCOME REQUIRED |
|---|
| 46 | Alaska | $71,570 |
| 47 | New York | $73,226 |
| 48 | California | $80,013 |
| 49 | Massachusetts | $87,909 |
46 more rowsAug 30, 2023
Decent Salary
| Annual Salary | Hourly Wage |
|---|
| Top Earners | $86,000 | $41 |
| 75th Percentile | $68,500 | $33 |
| Average | $44,910 | $22 |
| 25th Percentile | $24,500 | $12 |
This is the equivalent of $1,209/week or $5,240/month. While ZipRecruiter is seeing salaries as high as $66,962 and as low as $40,819, the majority of $20 An Hour salaries currently range between $52,700 (25th percentile) to $64,200 (75th percentile) with top earners (90th percentile) making $66,962 annually in Texas.
What is a decent salary to live in Texas? ›
One adult with no children can live comfortably in these Texas cities on a salary of about $75,000, SmartAsset determined. A family would need around $180,000 or more.
Is $80 000 a year a good salary? ›
By just about any measure, earning $80,000 a year is a good salary. It's about $5,000 higher than the U.S. median household income, per Census data.
Is 30k a year good in Texas? ›
Short answer, yes, assuming you don't overdo it. You won't be living in Uptown. First and foremost, various federal taxes, plus healthcare benefits (some employers pay for at least the employee portion of healthcare premiums, some don't) will reduce your take-home pay by up to 30%.
Is 200K a year good in Texas? ›
Texas ranks number 46 out of 50 states nationwide for 200K salaries. To estimate the most accurate annual salary range for 200K jobs, ZipRecruiter continuously scans its database of millions of active jobs published locally throughout America. Find your next high paying job as a 200K on ZipRecruiter today.
