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$115 an Hour is How Much a Year? Before and After Taxes

Lucy

With an excellent hourly rate of $115, it’s understandable to wonder what this high pay equates to over different periods of time. This article will break down the gross and net weekly, monthly, and yearly earnings for $115 per hour, calculating totals for both part-time and full-time schedules.

We’ll examine how overtime hours and unpaid time off can impact total annual compensation at this rate. We’ll also evaluate if $115/hour is considered a good current salary by comparing it to inflation, standard of living, and similar wages. Relevant topics covered include: converting the hourly wage to various time frames, estimating annual earnings for part-time and full-time work, calculating take-home pay after taxes, sample budgets and lifestyle costs, affording major purchases like a house or car, and strategies to increase your pay further.

By providing this comprehensive overview, the article will illustrate precisely what a $115 per hour wage equates to in concrete real-world terms.

Table of Contents

Convert $115 Per Hour to Weekly, Monthly, and Yearly Salary

Input your wage and hours per week to see how much you’ll make monthly, yearly and more.

$115 an Hour is How Much a Year?

If you make $115 an hour, your yearly salary would be $239,200. We calculate your annual income based on 8 hours per day, 5 days per week and 52 weeks in the year.

Hours worked per week (40) x Hourly wage($115) x Weeks worked per year(52) = $239,200

$115 an Hour is How Much a Month?

If you make $115 an hour, your monthly salary would be $19,933.33. We calculated this number by dividing your annual income by 12 months.

Hours worked per week (40) x Hourly wage($115) x Weeks worked per year(52) / Months per Year(12) = $19,933.33

$115 an Hour is How Much Biweekly?

If you make $115 an hour, your biweekly salary would be $9,200.

Hours worked per week (40) x Hourly wage($115) x 2 = $9,200

$115 an Hour is How Much a Week?

If you make $115 an hour, your weekly salary would be $4,600. Calculating based on 5 days per week and 8 hours each day.

Hours worked per week (40) x Hourly wage($115) = $4,600

$115 an Hour is How Much a Day?

If you make $115 an hour, your daily salary would be $920. We calculated your daily income based on 8 hours per day.

Hours worked per day (8) x Hourly wage($115) = $920

$115 an Hour is How Much a Year?

The basic formula to calculate your annual salary from an hourly wage is:

Hourly Rate x Hours Worked per Week x Number of Weeks Worked per Year = Annual Salary

So for a $20 per hour job:

$115 per hour x 40 hours per week x 52 weeks per year = $239,200

However, this simple calculation makes some assumptions:

You will work 40 hours every week of the year

You will not get any paid time off

Therefore, it represents your earnings if you worked every week of the year, without any vacation, holidays, or sick days.

Accounting for Paid Time Off

The $239,200 base salary does not yet factor in paid time off (PTO). Let’s assume the job provides:

2 weeks (10 days) paid vacation

6 paid holidays

3 paid sick days

This totals 19 paid days off, or nearly 4 weeks of PTO.

Importantly, this paid time off should not be deducted from the annual salary, since you still get paid for those days.

So with 4 weeks PTO, the annual salary would remain $239,200 .

Part time $115 an hour is How Much a Year?

Your annual income changes significantly if you work part-time and not full-time.

For example, let’s say you work 20 hours per week instead of 40. Here’s how you calculate your new yearly total:

$115 per hour x 20 hours per week x 52 weeks per year = $119,600

By working 20 fewer hours per week (20 instead of 40), your annual earnings at $115 an hour drop from $239,200 to $119,600.

That’s a $119,600 per year difference just by working part-time!

Here’s a table summarizing how your annual earnings change depending on how many hours you work per week at $115 an hour:

Hours Per Week

Earnings Per Week

Annual Earnings

40

$4,600

$239,200

35

$4,025

$209,300

30

$3,450

$179,400

25

$2,875

$149,500

20

$2,300

$119,600

15

$1,725

$89,700

The more hours per week, the higher your total yearly earnings. But part-time work allows for more life balance if you don’t need the full salary.

$115 an Hour With Overtime is How Much a Year?

Now let’s look at how overtime can increase your annual earnings.

Overtime kicks in once you work more than 40 hours in a week. Typically, you earn 1.5x your regular hourly wage for overtime hours.

So if you make $115 per hour normally, you would make $172.50 per hour for any hours over 40 in a week.

Here’s an example:

You work 45 hours in a Week

40 regular hours paid at $115 per hour = $4,600

5 overtime hours paid at $172.50 per hour = $862.50

Your total one Week earnings =$4,600 + $862.50 = $5,462.50

If you worked 45 hours each week for 52 weeks, here’s how your annual earnings increase thanks to overtime pay:

$5,462.50 per week x 52 weeks per year = $284,050

That’s $44,850 more than you’d earn working just 40 hours per week at $115 an hour.

Overtime can add up! But also consider taxes and work-life balance when deciding on extra hours.

Here’s a table summarizing how your annual earnings change depending on how many hours you work per week at $115 an hour:

Overtime hours per work day

Hours Per Week

Earnings Per Week

Annual Earnings

0

40

$4,600

$239,200

1

45

$5,462.50

$284,050

2

50

$6,325

$328,900

3

55

$7,187.50

$373,750

4

60

$8,050

$418,600

5

65

$8,912.50

$463,450

6

70

$9,775

$508,300

7

75

$10,637.50

$553,150

How Unpaid Time Off Impacts $115/Hour Yearly Earnings

So far we’ve assumed you work 52 paid weeks per year. Any unpaid time off will reduce your total income.

For example, let’s say you take 2 weeks of unpaid leave. That brings your paid weeks down to 50:

Hours worked per week (40) x Hourly wage($115) x Weeks worked per year(50) = $230,000 annual salary

With 2 weeks unpaid time off, your annual earnings at $115/hour would drop by $9,200.

The table below summarizes how your annual income changes depending on the number of weeks of unpaid leave.

Weeks of unpaid leave

Paid weeks per year

Earnings Per Week

Annual Earnings

0

52

$4,600

$239,200

1

51

$4,600

$234,600

2

50

$4,600

$230,000

3

49

$4,600

$225,400

4

48

$4,600

$220,800

5

47

$4,600

$216,200

6

46

$4,600

$211,600

7

45

$4,600

$207,000

Key Takeaways for $115 Hourly Wage

In summary, here are some key points on annual earnings when making $115 per hour:

At 40 hours per week, you’ll earn $239,200 per year.

Part-time of 30 hours/week results in $179,400 annual salary.

Overtime pay can boost yearly earnings, e.g. $44,850 extra at 45 hours/week.

Unpaid time off reduces your total income, around $9,200 less per 2 weeks off.

Your specific situation and location impacts taxes and PTO.

Knowing your approximate annual salary and factors impacting it makes it easier to budget and plan your finances. The next step is calculating take-home pay after deductions like taxes.

$115 An Hour Is How Much A Year After Taxes

Figuring out your actual annual earnings based on an hourly wage can be complicated once taxes are taken into account. In addition to federal, state, and local income taxes, 7.65% of your gross pay also goes to Social Security and Medicare through FICA payroll taxes. So how much does $115 an hour equal per year after FICA and income taxes are deducted from your gross pay?

Below we’ll walk through the steps to calculate your annual net take home pay if you make $115 per hour. This will factor in estimated federal, FICA, state, and local taxes so you know exactly what to expect.

Factoring in Federal Income Tax

Your federal income tax will be a big chunk out of your gross pay. Federal tax rates range from 10% to 37%, depending on your tax bracket.

To estimate your federal income tax rate and liability:

For example, if you are single with $239,200 gross annual pay, your federal tax bracket is 35%.

Your estimated federal tax would be:

$174,238.25 + ($239,200 – $231,251) x 35% = $177,020.40

So at $115/hour with $239,200 gross pay, you would owe about $177,020.40 in federal income taxes.

Considering State Income Tax

In addition to federal tax, most states also charge a state income tax. State income tax rates range from about 1% to 13%, with most falling between 4% and 6%.

Key Takeaways

California, Hawaii, New York, New Jersey, and Oregon have some of the highest state income tax rates.

Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming don’t impose an income tax at all.

Another 10 U.S states have a flat tax rate—everyone pays the same percentage regardless of how much they earn.

A State-by-State Comparison of Income Tax Rates

STATE

TAX RATES

LOWEST AND HIGHEST INCOME BRACKETS

Alaska

0%

None

Florida

0%

None

Nevada

0%

None

South Dakota

0%

None

Tennessee

0%

None

Texas

0%

None

Washington

0%

None

Wyoming

0%

None

Colorado

4.55%

Flat rate applies to all incomes

Illinois

4.95%

Flat rate applies to all incomes

Indiana

3.23%

Flat rate applies to all incomes

Kentucky

5%

Flat rate applies to all incomes

Massachusetts

5%

Flat rate applies to all incomes

New Hampshire

5%

Flat rate on interest and dividend income only

North Carolina

4.99%

Flat rate applies to all incomes

Pennsylvania

3.07%

Flat rate applies to all incomes

Utah

4.95%

Flat rate applies to all incomes

Michigan

4.25%

Flat rate applies to all incomes

Arizona

2.59% to 4.5%

$27,806 and $166,843

Arkansas

2% to 5.5%

$4,300 and $8,501

California

1% to 13.3%

$9,325 and $1 million

Connecticut

3% to 6.99%

$10,000 and $500,000

Delaware

0% to 6.6%

$2,000 and $60,001

Alabama

2% to 5%

$500 and $3,001

Georgia

1% to 5.75%

$750 and $7,001

Hawaii

1.4% to 11%

$2,400 and $200,000

Idaho

1.125% to 6.5%

$1,568 and $7,939

Iowa

0.33% to 8.53%

$1,743 and $78,435

Kansas

3.1% to 5.7%

$15,000 and $30,000

Louisiana

1.85% to 4.25%

$12,500 and $50,001

Maine

5.8% to 7.15%

$23,000 and $54,450

Maryland

2% to 5.75%

$1,000 and $250,000

Minnesota

5.35% to 9.85%

$28,080 and $171,221

Mississippi

0% to 5%

$5,000 and $10,001

Missouri

1.5% to 5.3%

$1,121 and $8,968

Montana

1% to 6.75%

$2,900and $17,400

Nebraska

2.46% to 6.84%

$3,340 and $32,210

New Jersey

1.4% to 10.75%

$20,000 and $1 million

New Mexico

1.7% to 5.9%

$5,500 and $210,000

New York

4% to 10.9%

$8,500 and $25 million

North Dakota

1.1% to 2.9%

$41,775 and $458,350

Ohio

0% to 3.99%

$25,000 and $110,650

Oklahoma

0.25% to 4.75%

$1,000 and $7,200

Oregon

4.75% to 9.9%

$3,750 and $125,000

Rhode Island

3.75% to 5.99%

$68,200 and $155,050

South Carolina

0% to 7%

$3,110 and $15,560

Vermont

3.35% to 8.75%

$42,150 and $213,150

Virginia

2% to 5.75%

$3,000 and $17,001

Washington, D.C.

4% to 9.75%

$10,000 and $1 million

West Virginia

3% to 6.5%

$10,000 and $60,000

Wisconsin

3.54% to 7.65%

$12,760 and $280,950

To estimate your state income tax:

Look up your state income tax rate based on your gross pay and filing status.

Multiply your gross annual pay by the state tax rate.

For example, if you live in Pennsylvania which has a flat 3.07% tax rate, your estimated state tax would be:

$239,200 gross pay x 3.07% PA tax rate = $7,343.44 estimated state income tax

So with $239,200 gross annual income, you would owe around $7,343.44 in Pennsylvania state income tax. Make sure to check your specific state’s rates.

Factoring in Local Taxes

Some cities and counties levy local income taxes ranging from 1-3% of taxable income.

To estimate potential local taxes you may owe:

Check if your city or county charges a local income tax.

If yes, look up the local income tax rate.

Multiply your gross annual pay by the local tax rate.

For example, say you live in Columbus, OH which has a 2.5% local income tax. Your estimated local tax would be:

$239,200 gross pay x 2.5% local tax rate = $5,980 estimated local tax

So with $239,200 in gross earnings, you may owe around $5,980 in Columbus local income taxes. Verify rates for your own city/county.

Accounting for FICA Taxes (Social Security & Medicare)

FICA taxes are a combination of Social Security and Medicare taxes that equal 15.3% of your earnings. You are responsible for half of the total bill (7.65%), which includes a 6.2% Social Security tax and 1.45% Medicare tax on your earnings.

In 2023, only the first $160,200 of your earnings are subject to the Social Security tax

There is an additional 0.9% surtax on top of the standard 1.45% Medicare tax for those who earn over $200,000 (single filers) or $250,000 (joint filers).

To estimate your FICA tax payment:

$160,200 x 6.2% + $200,000 x 1.45% + $39,200 x 0.9% = $13,185.20

So you can expect to pay about $13,185.20 in Social Security and Medicare taxes out of your gross $239,200 in earnings.

Total Estimated Tax Payments

Based on the examples above, your total estimated tax payments would be:

Federal tax: $177,020.40

State tax: $7,343.44

Local tax: $5,980

FICA tax: $13,185.20

Total Estimated Tax: $203,529.04

Calculating Your Take Home Pay

To calculate your annual take home pay at $115 /hour:

1. Take your gross pay

2. Subtract your estimated total tax payments

$239,200 gross pay – $203,529.04 Total Estimated Tax = $35,670.96 Your Take Home Pay

n summary, if you make $115 per hour and work full-time, you would take home around $35,670.96 per year after federal, state, local , FICA taxes.

Your actual net income may vary depending on your specific tax situation. But this gives you a general idea of what to expect.

Convert $115 Per Hour to Yearly, Monthly, Biweekly, and Weekly Salary After Taxes

If you make $115 an hour and work full-time (40 hours per week), your estimated yearly salary would be $239,200 .

The $239,200 per year salary does not account for taxes. Federal, state, and local taxes will reduce your take-home pay. The amount withheld depends on your location, filing status, dependents, and other factors.

Just now during our calculation of $115 An Hour Is How Much A Year After Taxes, we assumed the following conditions:

You are single with $239,200 gross annual pay, your federal tax bracket is 35 %.

You live in Pennsylvania which has a flat 3.07% tax rate

You live in Columbus, OH which has a 2.5% local income tax.

In the end, we calculated your Total Estimated Tax is $203,529.04 , Your Take Home Pay is $35,670.96 , Total tax rate is 85.09%.

So next we’ll use 85.09% as the estimated tax rate to calculate your weekly, biweekly, and monthly after-tax income.

$115 Per Hour to Yearly, Monthly, Biweekly, Weekly,and Week Salary After Taxes Table

Income before taxes

Estimated Tax Rate

Income Taxes

After Tax Income

Yearly Salary

$239,200

85.09%

$203,529.04

$35,670.96

Monthly Salary

$19,933.33

85.09%

$16,960.75

$2,972.58

BiWeekly Salary

$9,200

85.09%

$7,828.04

$1,371.96

Weekly Salary

$4,600

85.09%

$3,914.02

$685.98

$115 an hour is how much a year after taxes

Here is the adjusted yearly salary after a 85.09% tax reduction:

Yearly salary before taxes: $239,200

Estimated tax rate: 85.09%

Taxes owed (85.09% * $239,200 )= $203,529.04

Yearly salary after taxes: $35,670.96

Hourly Wage

Hours Worked Per Week

Weeks Worked Per Year

Total Yearly Salary

Estimated Tax Rate

Taxes Owed

After-Tax Yearly Salary

$115

40

52

$239,200

85.09%

$203,529.04

$35,670.96

$115 an hour is how much a month after taxes

To calculate the monthly salary based on an hourly wage, you first need the yearly salary amount. Then divide by 12 months.

Yearly salary before taxes at $115 per hour: $239,200

Divided by 12 months per year: $239,200 / 12 = $19,933.33 per month

The monthly salary based on a 40 hour work week at $115 per hour is $19,933.33 before taxes.

After applying the estimated 85.09% tax rate, the monthly after-tax salary would be:

Monthly before-tax salary: $19,933.33

Estimated tax rate: 85.09%

Taxes owed (85.09% * $19,933.33 )= $16,960.75

Monthly after-tax salary: $2,972.58

Monthly Salary Based on $115 Per Hour

Hourly Wage

Yearly Salary

Months Per Year

Before-Tax Monthly Salary

Estimated Tax Rate

Taxes Owed

After-Tax Monthly Salary

$115

$239,200

12

$19,933.33

85.09%

$16,960.75

$2,972.58

$115 an hour is how much biweekly after taxes

Many people are paid biweekly, meaning every other week. To calculate the biweekly pay at $115 per hour:

Hourly wage: $115

Hours worked per week: 40

Weeks per biweekly pay period: 2

$115 * 40 hours * 2 weeks = $9,200 biweekly

Applying the 85.09%estimated tax rate:

Biweekly before-tax salary: $9,200

Estimated tax rate: 85.09%

Taxes owed (85.09% * $9,200 )= $7,828.04

Biweekly after-tax salary: $1,371.96

Biweekly Salary at $115 Per Hour

Hourly Wage

Hours Worked Per Week

Weeks Per Pay Period

Before-Tax Biweekly Salary

Estimated Tax Rate

Taxes Owed

After-Tax Biweekly Salary

$115

40

2

$9,200

85.09%

$7,828.04

$1,371.96

$115 an hour is how much weekly after taxes

To find the weekly salary based on an hourly wage, you need to know the number of hours worked per week. At 40 hours per week, the calculation is:

Hourly wage: $115

Hours worked per week: 40

$115 * 40 hours = $4,600 per week

Accounting for the estimated 85.09% tax rate:

Weekly before-tax salary: $4,600

Estimated tax rate: 85.09%

Taxes owed (85.09% * $4,600 )= $3,914.02

Weekly after-tax salary: $685.98

Weekly Salary at $115 Per Hour

Hourly Wage

Hours Worked Per Week

Before-Tax Weekly Salary

Estimated Tax Rate

Taxes Owed

After-Tax Weekly Salary

$115

40

$4,600

85.09%

$3,914.02

$685.98

Key Takeaways

An hourly wage of $115 per hour equals a yearly salary of $239,200 before taxes, assuming a 40 hour work week.

After accounting for an estimated 85.09% tax rate, the yearly after-tax salary is approximately $35,670.96 .

On a monthly basis before taxes, $115 per hour equals $19,933.33 per month. After estimated taxes, the monthly take-home pay is about $2,972.58 .

The before-tax weekly salary at $115 per hour is $4,600 . After taxes, the weekly take-home pay is approximately $685.98 .

For biweekly pay, the pre-tax salary at $115 per hour is $9,200 . After estimated taxes, the biweekly take-home pay is around $1,371.96 .

Understanding annual, monthly, weekly, and biweekly salary equivalents based on an hourly wage is useful when budgeting and financial planning. Taxes make a significant difference in take-home pay, so be sure to account for them when making income conversions. Use this guide as a reference when making salary calculations.

What Is the Average Hourly Wage in the US?

Last Updated: Sep 1 2023

US Average Hourly Earnings is at a current level of $33.82, up from 33.74 last month and up from 32.43 one year ago. This is a change of 0.24% from last month and 4.29% from one year ago.

Average Hourly Earnings is the average dollars that a private employee makes per hour in the US. This metric is a part of one of the most important releases every month which includes unemployment numbers as well. This is normally released on the first Friday of every month. This metric is released by the Bureau of Labor Statistics (BLS).

What is the average salary in the U.S.?

Last Updated: July 18, 2023

The U.S. Bureau of Labor Statistics uses median salary data rather than averages to avoid skewed numbers from outlying high and low numbers. Median weekly earnings of the nation's 121.5 million full-time wage and salary workers were $1,100 in the second quarter of 2023, the U.S.

If a person works 52 weeks in the year, then this represents a national annual salary of $57,200.

Is $115 an hour a good salary?

At first glance, $115 an hour seems like a healthy income, equating to an annual salary around $240,000 if working full-time. However, after federal and state taxes, that is reduced to an average take-home pay of around $150,000. The cost of living in your city and household expenses make a big impact on whether this take-home pay allows for comfortable or more limited living.

In low cost-of-living cities in the Midwest and South, $115 an hour affords upper-middle class living. A nice home, new cars, and regular vacations are affordable at this wage in places like St. Louis, Pittsburgh, Memphis, Kansas City, etc.

But in coastal cities with very high costs like San Francisco, New York, Los Angeles and Washington DC, $115 an hour provides more middle class living with the need for budgeting. You’ll likely need roommates into your 30s, drive used cars, and limit luxury spending and vacations.

If you have substantial student loans, credit card debt, or children, $115 an hour will mean carefully watching your budget even in more moderately priced cities like Chicago, Atlanta, Denver, or Dallas. Overall it may be considered a “good salary” in lower cost regions, while allowing more average lifestyle in expensive metros.

Jobs that pay $115 an hour

Unlike six figure salaries, $115 an hour is highly attainable with the right education and experience in many white collar professions. Jobs that pay $115 per hour or more include:

Registered nurses – especially nurse practitioners and nurses with specialized skills earn between $70-$115 per hour.

Software developers – experienced coders at top tech firms or consultants earn $100 – $125+ per hour.

Accountants – CPAs and senior finance managers at corporations make $80 – $150 per hour.

Technical writers – Experienced technical writers bill out work at $100 – $130 hourly.

Therapists – Psychologists and physical therapists average $60 – $115 per hour.

College professors – Tenured university faculty earn roughly $115 per teaching hour.

Actuaries – Experienced insurance actuaries average around $115 an hour.

Project managers – IT and engineering project managers bill out at $100 – $175 per hour.

The most lucrative fields are healthcare, technology, engineering, finance, and higher education. Many professional services like marketing, PR, research, design can earn up to $115 per hour once established.

Can You Live Off $115 An Hour?

Enjoying a comfortable lifestyle on $115 per hour is certainly feasible in most areas, but requires smart budgeting and lifestyle choices. Consider the following:

In lower cost Midwest, South and Southwest cities, $115 an hour affords an upper middle class lifestyle including a nice home, new cars, and regular vacations.

In coastal cities like Los Angeles and Washington DC and high-tax states, you’ll need roommates, public transit and budgeting to live well on $115 an hour.

Limit housing costs to $2,000 a month or less to afford other costs including utilities, insurance, maintenance, etc.

Drive used, economy vehicles rather than expensive car payments. Allot only $300-$400 per month for transportation costs.

Avoid high interest credit card and personal debt that eats away at monthly cash flow.

Limit eating out and entertainment. Cook most meals at home and find free activities.

Save and invest at least 20% of after-tax income to build wealth. Live below your means.

Overall, $115 an hour allows for solidly comfortable living in most parts of the country with the right budget priorities and avoiding keeping up with inflation.

The impact of inflation on the value of $115 an hour

With high inflation above 7% in 2022, the real spending power of $115 per hour is declining notably. Essentials like rent, food, gasoline and vehicles are seeing prices grow rapidly.

To maintain the same standard of living, hourly wages need to rise each year enough to keep pace with inflation just to have stable buying power. If inflation runs 6% a year going forward, in five years you would need to earn $140 an hour just to equal the buying power of $115 today, a 22% raise.

This means those earning $115 per hour need consistent pay increases just to tread water versus inflation. Otherwise, you will have to cut back on lifestyle, home size, cars and discretionary spending over time.

5 Ways To Increase Your Hourly Wage

If you find it hard to maintain your desired lifestyle on $115/hour, here are some options:

Ask for a raise explaining how you have increased your competencies and taken on more responsibility. Provide data on market wage rates.

Change jobs to one that pays above your current hourly or salary wages.

Take on side consulting, freelance or contract work at $125+ per hour.

Start an online business that taps your expertise and allows you to earn well above an hourly rate.

Move to a lower cost-of-living region where your earnings stretch 15-30% further.

With strategic job and career moves, vous can counteract inflation and continue to improve your earnings beyond a fixed wage or salary.

Buying a car on $115 an hour

Making $115 an hour certainly allows you to buy a nice car, but with some limits. Recommended guidelines include:

Keep your purchase budget within $30,000 to cap monthly payments around $400, protecting your cash flow.

Shop for certified, pre-owned vehicles when possible to save 30% or more over new car prices.

Avoid luxury brands like BMW, Mercedes, Tesla, Land Rover, etc. as these lease for $500+ per month more than mass market brands.

Consider leasing a luxury vehicle for 2-3 years rather than financing a 5-6 year loan if you want a status brand.

Factor in higher insurance, gas and maintenance costs for luxury vehicles as well.

While you can afford a nicer car at $115 per hour, keeping total transportation costs below $600 per month leaves ample budget for other priorities.

Can You Buy a House on $115 An Hour?

Home ownership is possible in many markets on an income of $115 an hour, but does require careful budgeting, especially as housing prices and mortgage rates climb. Some tips:

Limit your purchase price to no more than $275,000 to keep mortgage payments at or under $1,300 per month, even with 20% down.

Focus on less expensive metro areas like St. Louis, Pittsburgh, Oklahoma City, Nashville, etc. where solid homes can be found under $275k.

Be prepared to commute 30-45 minutes from the urban core to find affordable homes in pricier metro areas.

Consider condos, townhomes and more modest properties which cost significantly less than single family homes.

Ensure you have at least 20% down payment saved to avoid high PMI fees.

Home ownership is certainly achievable in most markets on $115 per hour, but does require prudent budgeting. Setting a home budget cap for yourself and watching interest rates is key.

Example Budget For $115 Per Hour

Here is a sample budget for someone earning $115 per hour while working 40 hours per week:

Gross Monthly Income: $20,160

Taxes (~30%): $6,048

401k (10%): $2,016

Healthcare: $500

Take Home Pay: $11,596

Rent: $1,500

Utilities: $300

Cell Phone: $100

Car Payment: $400

Car Insurance: $150

Gas: $200

Food: $600

Entertainment: $250

Clothing: $150

Internet/Cable: $150

Miscellaneous: $300

Total Expenses: $4,100

Remaining: $7,496

This allows over $7,000 in monthly savings while affording a comfortable lifestyle. But it requires living with roommates in major metros and budgeting carefully. Achieving true financial independence requires investing the savings wisely.

In Summary

An income of $115 an hour or roughly $240,000 per year pre-tax certainly qualifies as a “good salary” by most standards. However, high taxes, insurance, housing, and transportation costs, especially if you live in major cities, makes this wage more middle class than truly wealthy. Individuals earning $115 per hour can live quite comfortably in most areas through smart budgeting and avoiding keeping up with inflation. But they still need to watch their spending and manage debt wisely. Overall, $115 an hour provides very solid but not lavish earnings.