What Is Considered a Good Salary?

What constitutes a "good" salary can vary greatly depending on factors like location, industry, level of experience, and individual needs and priorities. In 2024, what's considered a good salary might be influenced by factors such as inflation rates, cost of living adjustments, and prevailing economic conditions.

In general, a good salary is one that allows an individual or a family to comfortably cover their living expenses, save for the future, and enjoy a reasonable quality of life. This could mean different things in different places. For example, a salary that's considered good in a rural area might not be sufficient in a major city with a higher cost of living.

It's also worth considering non-monetary factors like benefits, work-life balance, job satisfaction, and opportunities for growth and advancement when evaluating the attractiveness of a salary package.

What is considered a good salary and why?

There are so many factors involved in defining a “good” salary that coming up with just one number is virtually impossible. To determine what a good salary is, decide what “good” means to you. Consider these terms:

Living wage: an income level that affords the basic necessities, such as food, transportation, and housing
Comfortable wage: an income level that affords more than the basic necessities
Ideal wage: an income level that exceeds the cost of basic necessities, living expenses, and “wants,” such as travel and entertainment

According to the census, the median household income in 2022 was $74,580. A living wage would fall below this number while an ideal wage would exceed this number. Given this, a good salary would be around $80,000 because, hypothetically, it leaves room for flexibility.

However, that number does not account for cost of living, family size, or whether you do or don't have someone else contributing to your household income, like a roommate or partner. The average salaries in the four most expensive states in the nation are: $61,420 (Hawaii), $76,600 (Massachusetts), $73,220 (California), and $74,870 (New York). In a state like Hawaii, it's recommended that single earners without families make between $70,000 and $100,000. A family may require $80,000 to $100,000. So, "good" is relative to your circumstances, which we'll discuss more in-depth.

How might a 'good salary' change depending on your cost of living and debt?

Even a good salary can be hampered by high cost of living. In addition to housing, transportation, and food, common living expenses include health care and child care. If you don’t factor these into your request, you could lose half your income to living expenses, making a good salary feel insufficient. You should also consider your location and family size, as these two factors largely impact both your salary and living expenses.

Similarly, significant debt can change your idea of a good salary. According to Experian, mortgage loans, auto loans, and student loans were among the largest sources of consumer debt in 2021. And total consumer debt balances increased 5.4% from 2020 to 2021. More specifically, the Brookings Institution found that approximately 70 percent of college students earning a bachelor’s degree will graduate with up to $40,000 in student loan debt, which could reduce an ideal wage to a comfortable or living wage.

That number might also change depending on other aspects of compensation. In a 2019 survey conducted by Allianz Global Assistance, one in three employees said they would give up a portion of their pay in exchange for unlimited vacation time. In this case, a “good” salary is one that comes with “perks” that don’t hold monetary value, but are equally valuable.

Reality check: Your "good salary" needs depend on your circumstances

While an $80,000 salary is good, it will go farther for some than others. Your salary could quickly dwindle if you are a single parent or sole provider, pay child support to a custodial parent, or have pre-existing health conditions, particularly given the projected 6 percent rise in health care premiums for single and family coverage.

Not to mention, $80,000 is not an entry-level salary—or even the national average salary. In the United States, you might need a master’s degree and at least five to seven years of experience to earn $80,000 annually. Although this is not true for every job or industry, it is common. When you combine this with the gender wage gap, some women will find it more difficult to attain this salary.

What kind of jobs typically pay a good salary?

As with any job, the more experience you gain, the more you are likely to earn. These seven jobs can get you a $80,000 starting salary or more at entry-or mid-level.

1. Software engineer: Average salary of $105,504

Software engineers design, develop, and maintain software applications and systems, utilizing programming languages and development tools. Typically, a bachelor's degree in computer science, software engineering, or a related field is required.

2. Data scientist: Average salary of $124,177

Data scientists analyze complex datasets to extract insights and solve business problems, utilizing statistical analysis, machine learning techniques, and programming skills. A strong background in mathematics, statistics, computer science, or a related field, often complemented by a master's or doctoral degree, is typically required for entry into this field.

3. Construction manager: Average salary of $91,022

Construction managers oversee construction projects from planning to completion, coordinating schedules, budgets, and resources while ensuring compliance with building codes and safety regulations. A bachelor's degree in construction management, civil engineering, architecture, or a related field is commonly required, along with relevant work experience in construction or project management.

4. IT Manager: Average salary of $96,789

IT managers plan, coordinate, and oversee the implementation of information technology systems and services within an organization, ensuring the security, functionality, and efficiency of IT infrastructure. A bachelor's degree in information technology, computer science, or a related field is often required, along with substantial experience in IT roles, and some employers may prefer candidates with a master's degree or professional certifications.

5. Information security analyst: Average salary of $89,956

Information security analysts protect an organization's computer systems and networks from cyber threats by implementing security measures, monitoring for breaches, and investigating security incidents. A bachelor's degree in computer science, information technology, cybersecurity, or a related field is typically required, along with specialized training or certifications in information security.

6. Statistician: Average of $95,714

Statisticians collect, analyze, and interpret numerical data to inform decision-making and solve problems in various fields such as business, healthcare, and government. A bachelor's degree in statistics, mathematics, economics, or a related field is often required for entry-level positions, though advanced roles may necessitate a master's or doctoral degree.

7. Audiologist: Average salary of $85,124

Audiologists diagnose and treat hearing and balance disorders, providing rehabilitative services such as hearing aids and auditory training. A doctoral degree in audiology (Au.D.) is required for licensure and entry into this profession, along with clinical experience gained through internships or supervised practicum.

How can negotiating help women get higher salaries?

In 2018, Robert Half reported that 45 percent of women negotiated their salaries. Negotiating and asking for raises or an internal promotion can get you closer to a good salary and increase your earning potential, which is the amount of money you can earn over the course of your career. To ensure that you are negotiating effectively, use these specific strategies:

Plan ahead. Give yourself plenty of time to research the standard pay for your position and industry. Practice using a script, like these salary negotiation examples.
Consider your cost of living. Do you want a living wage, comfortable wage, or ideal wage?
Be prepared to back it up. Be ready to talk about how you’ve met goals, exceeded expectations, and positioned your employer for success.
Know the national average. Use this as your baseline then adjust it accordingly to generate a fair number.
Add tax. If you determine that a $50,000 salary is enough for you to live comfortably, ask for $60,000 to give yourself “wiggle room” in your negotiation.
Check InHerSight company reviews. Access other women’s self-reported reviews before asking for a raise. Other useful online resources include Glassdoor, Salary.com, and Payscale.

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