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What is a good salary in Portland

What is a good salary in Portland?

According to Payscale, the median income in Portland is $73,000. And earning more than that lands you above more than half of the people in Portland in terms of wages.

With this in mind, anything within and over the $73,000 baseline is definitely a good salary in Portland. 

However, there are certain things that make salaries highly subjective depending on where you are in your life right now.

For instance, the $73,000 average is definitely more than enough for a single adult. However, it may not be ideal for one who is just planning on starting his or her own family. 

Here’s a breakdown of what a good salary could be depending on various stages or situations in life.

Good Salary for Single Professionals in Portland

Good Salary for Single Professionals in Portland

If you’re a single professional surviving on your own, you don’t need to earn more than Portland’s median household income to live decently. Portland is actually ranked as a top young professional city where the median annual earnings hit at around $66,187 per year. 

In fact, $66,187 per year may be more than enough for your basic needs as a single person in Portland. So, an annual earning of up to $66,187 is already a good salary for single professionals in Portland.

However, you might need a lot more depending on where you live and what type of flat you wish to rent. On top of that, it also boils down to the kind of lifestyle you have and want to sustain.

For example, rather than renting in the city’s more affordable neighborhoods, most singles prefer to live in the city’s nightlife district

This entails living in popular neighborhoods such as Downtown Portland, Goose Hollow, and Mount Tabor, where monthly rents range from $1,439 to $1,557 on average.

Not to mention the cost of additional recreational activities, which are plentiful in Portland by the way. But for that, anywhere between $20 to $30 is already a good budget per week (already including eating out and watching movies at the cinema).

Overall, it’s calculated that a single person would need a little over $13,000 per year in expenses alone. That rounds up at $1,140.28 every month.

Good Salary for Young Couples in Portland

Good Salary for Young Couples in Portland

Earning the average annual salary is good enough for a couple to live comfortably in Portland. That means the total income they generate should at least reach $73,000 if they are living together.

Since a salary of $70,000 to $78,000 is considered a good salary in any state, a couple in a middle-sized American city like Portland can live in a two-bedroom apartment, own a car, go shopping, eat out, and travel on weekends.

Rent is one of the most difficult expenses a couple may face. We recommend you rent in one of Portland’s most affordable neighborhoods, such as Cully, where renters pay an average of $864 per month.

In addition, Parkrose, Sumner, and Woodland Park have typical asking rents of around $1,030 per month. For young couples, these are fantastic areas to consider starting a family as they’re fairly walkable – not to mention, very affordable for two. 

Good Salary for Families in Portland

Good Salary for Families in Portland

While the average salary in Portland is $73,000, it’s not always considered a good salary, especially for growing families. Knowing this, we have to calculate the average household income required per home.

Household income refers to the total income within a home from contributing family members. So you have to calculate how much you and your spouse earn, as well as other working adults who live under the same roof as you.

In general, a family of four will require an income of at least $100,000 to live comfortably in Portland. For instance, a person who earns $100,000 a year can buy a house, a car, and undoubtedly provide for a small family.

Actually, the Portland metro median family income is $99,400. So, having just one family member earn at least $100,000 is already a good starting point.

Moreover, a Portlander needs to earn $86,833 a year to afford a home in the metro area, which is considered a primary need for a family. But if you’re looking for cheaper homes, you may want to look outside of city centers.

On the other hand, according to Numbeo’s estimate, the monthly costs for a family of four in Portland, Oregon are $4,076.22. (without rent). That amounts to more than $48,000 per year, which is less than the city’s average annual household income.

Good Salary for People Close to Retirement in Portland

Good Salary for People Close to Retirement in Portland

Oregon is ranked as the 17th costliest state in the country for a comfortable retirement. To retire comfortably in the state, you should budget $36,000 to $56,000 per year in expenses. 

On the other hand, if you can generate a $100,000 retirement income, you’re probably in good financial shape; heck, you will live more than comfortably, according to Interactive Wealth Advisors Inc

You can then hire a reputable financial advisor for retirement planning in Portland to help you along the way.

But, is it possible to retire with only $100,000 in your savings account?

That may not appear to be sufficient. What you do with the money after that, however, determines whether it will last longer or only serve you for a short time. 

A trusted investment firm in Portland, Oregon can assist you in planning your financial strategies for retirement.

The good news is that a retirement nest egg of $100,000 can last up to 30 years. That is if you follow the 4% general rule of thumb when it comes to financial planning for retirement.

If you know how to start generating money in the first place, retiring with $100,000 a year is also possible. But remember, this sum will only be helpful if it is constant and lasts for a considerable amount of time, let’s say 30 years.

If so, your retirement investment portfolio must contain at least $2.9 million in order for you to make up to $100,000 and live comfortably as a retiree in Portland.

Needless to say, a good salary always means earning at least or beyond the city’s median household income. In Portland’s case, it’s $73,000 (for now). 

For more money talks, check out the articles we have here on our site!

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