Quality of Life Assessment for a $108,545 Salary in the United States

Overview

A salary of $108,545 is above the median household income in the United States, which provides a relatively comfortable standard of living in many parts of the country. However, regional variations significantly impact the cost of living and quality of life.

Cost of Living

• Regional Differences: The cost of living varies widely across the U.S., with more expensive areas such as the Northeast and West Coast, and more affordable regions like the Midwest and South.
• Expenses: At this salary, you can generally cover:
  • Housing: Moderately priced rental or mortgage payments in most areas.
  • Utilities and Services: Basic utilities, internet, and phone services without excessive budgeting.
  • Groceries and Dining: A comfortable budget for groceries and occasional dining out.
  • Transportation: Ownership and maintenance of a vehicle, or monthly public transportation costs in cities.

Housing Market

• Home Affordability: In many U.S. regions, a $108,545 salary allows for the purchase of a median-priced home.
  • More challenging in high-cost cities like San Francisco or New York City.
  • More feasible in mid-sized cities or rural areas with lower home prices.
• Mortgage: Ability to manage monthly mortgage payments comfortably with room for savings.

Quality of Life

• Discretionary Spending: Opportunities for travel, entertainment, and hobbies without compromising savings.
• Savings and Investments: Able to build an emergency fund, contribute to retirement accounts, and save for long-term goals.
• Work-Life Balance: Depending on the job, this salary often correlates with positions that offer some work-life balance.

Access to Healthcare

• Insurance: Likelihood of employer-provided health insurance that covers most health-related expenses.
• Out-of-Pocket Costs: Manageable co-pays and deductibles within this salary bracket.
• Quality of Healthcare: Generally high access to quality medical facilities and specialists.

Quality of K-12 Schools

• Public Schools: Access to good-quality public schools, especially in suburban areas, depending on the local district.
• Private Schools: Partial affordability; private schooling may require additional financial planning.
• Extracurricular Activities: Capacity to support children in extracurricular activities, enhancing educational and personal growth.