Americans think they would need to earn $186,000 a year just to live comfortably, a Bankrate survey of 2,407 Americans in mid-May found.
To qualify as wealthy, it would take a salary of at least $520,000, up 7.6% from $483,000 last year, respondents said. To feel financially free, it would take $200,000, they add.
These goals are out of reach for most Americans, since only 6% of Americans are making $186,000 or more, and the average full-time worker earns $79,000 a year, according to the Census Bureau.
While 37% of Americans think it’s possible they’ll someday get to that income level, 49% are not holding out this hope, with 31% saying it’s unlikely and 18% saying it’s impossible.
Having weathered inflation that’s jacked prices up 21% in the past three years, Americans now dream of financial comfort more than they do being rich, the Bankrate “Financial Freedom Survey” found. They define living comfortably as being financially prepared for the future and not worrying about money.
This is no wonder, since Americans are facing a myriad of longer-term financial battles — from now needing a six-figure salary to afford a home, to an average $48,000 price tag for a new car, to college tuition now topping $100,000 a year at some schools.
Making ends meet is a concern for one-third of U.S. consumers, even those making $100,000 or more a year, according to a separate survey by the Federal Reserve Bank of Philadelphia. This is up from 28.7% a year ago.
Among those able to pay their bills in full, more than a quarter worry they will be able to continue to cover their bills in the next six months, up from one-fifth a year ago. Thirty percent of those making $150,000 or more are concerned about their finances in the next six months.
“Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains, and a feeling that their hopes and dreams are out of touch with their financial capabilities,” says Bankrate Senior Economist Analyst Mark Hamrick.
Only 25% of Americans say they are financially secure, down from 28% last year, the Bankrate survey found. Thirty percent say they are not completely financially secure and likely will never be, up from 26% in 2023.
“We’ve gone from an environment where inflation was the focus, [to] an affordability crisis, now front and center,” Hamrick says. For people to gain a better sense of control over their finances and get a handle on inflation, Hamrick continues, the job market will need to remain steady and salaries will need to meaningfully rise.
Indeed, a third report from GoBankingRates in February found that in many major U.S. cities, making $150,000 a year — once thought to be a handsome salary — is only enough to qualify as “lower middle class.” Exorbitant housing was blamed as the main culprit, along with expensive childcare and transportation.
© 2025 Newsmax Finance. All rights reserved.