For employees and employers alike, converting an hourly wage into its annual salary equivalent provides useful insight for financial planning and budgeting. In this article, we’ll calculate the potential yearly earnings for a $63 per hour wage rate, including estimates for parttime, overtime, and time off. We’ll also look at how taxes reduce takehome pay, and what kind of lifestyle and major purchases are possible at this high income level. While $63 an hour affords uppermiddle class living standards beyond national averages, taxes and inflation do cut into its real value over time. Understanding the annual, monthly, biweekly, and weekly salary equivalents of $63/hour gives perspective on both pretax and posttax spending power.
Table of Contents
Convert $63 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.
$63 an Hour is How Much a Year?
If you make $63 an hour, your yearly salary would be $131,040. 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($63) x Weeks worked per year(52) = $131,040
$63 an Hour is How Much a Month?
If you make $63 an hour, your monthly salary would be $10,920. We calculated this number by dividing your annual income by 12 months.
Hours worked per week (40) x Hourly wage($63) x Weeks worked per year(52) / Months per Year(12) = $10,920
$63 an Hour is How Much Biweekly?
If you make $63 an hour, your biweekly salary would be $5,040.
Hours worked per week (40) x Hourly wage($63) x 2 = $5,040
$63 an Hour is How Much a Week?
If you make $63 an hour, your weekly salary would be $2,520. Calculating based on 5 days per week and 8 hours each day.
Hours worked per week (40) x Hourly wage($63) = $2,520
$63 an Hour is How Much a Day?
If you make $63 an hour, your daily salary would be $504. We calculated your daily income based on 8 hours per day.
Hours worked per day (8) x Hourly wage($63) = $504
$63 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:
$63 per hour x 40 hours per week x 52 weeks per year = $131,040
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 $131,040 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 $131,040 .
Part time $63 an hour is How Much a Year?
Your annual income changes significantly if you work parttime and not fulltime.
For example, let’s say you work 30 hours per week instead of 40. Here’s how you calculate your new yearly total:
$63 per hour x 30 hours per week x 52 weeks per year = $98,280
By working 10 fewer hours per week (30 instead of 40), your annual earnings at $63 an hour drop from $131,040 to $98,280.
That’s a $32,760 per year difference just by working parttime!
Here’s a table summarizing how your annual earnings change depending on how many hours you work per week at $63 an hour:
Hours Per Week  Earnings Per Week  Annual Earnings 

40  $2,520  $131,040 
35  $2,205  $114,660 
30  $1,890  $98,280 
25  $1,575  $81,900 
20  $1,260  $65,520 
15  $945  $49,140 
The more hours per week, the higher your total yearly earnings. But parttime work allows for more life balance if you don’t need the full salary.
$63 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 $63 per hour normally, you would make $94.50 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 $63 per hour = $2,520
 5 overtime hours paid at $94.50 per hour = $472.50
 Your total one Week earnings =$2,520 + $472.50 = $2,992.50
If you worked 45 hours each week for 52 weeks, here’s how your annual earnings increase thanks to overtime pay:
$2,992.50 per week x 52 weeks per year = $155,610
That’s $24,570 more than you’d earn working just 40 hours per week at $63 an hour.
Overtime can add up! But also consider taxes and worklife 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 $63 an hour:
Overtime hours per work day  Hours Per Week  Earnings Per Week  Annual Earnings 
0  40  $2,520  $131,040 
1  45  $2,992.50  $155,610 
2  50  $3,465  $180,180 
3  55  $3,937.50  $204,750 
4  60  $4,410  $229,320 
5  65  $4,882.50  $253,890 
6  70  $5,355  $278,460 
7  75  $5,827.50  $303,030 
How Unpaid Time Off Impacts $63/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($63) x Weeks worked per year(50) = $126,000 annual salary
With 2 weeks unpaid time off, your annual earnings at $63/hour would drop by $5,040.
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  $2,520  $131,040 
1  51  $2,520  $128,520 
2  50  $2,520  $126,000 
3  49  $2,520  $123,480 
4  48  $2,520  $120,960 
5  47  $2,520  $118,440 
6  46  $2,520  $115,920 
7  45  $2,520  $113,400 
Key Takeaways for $63 Hourly Wage
In summary, here are some key points on annual earnings when making $63 per hour:
 At 40 hours per week, you’ll earn $131,040 per year.
 Parttime of 30 hours/week results in $98,280 annual salary.
 Overtime pay can boost yearly earnings, e.g. $24,570 extra at 45 hours/week.
 Unpaid time off reduces your total income, around $5,040 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 takehome pay after deductions like taxes.
$63 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 $63 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 $63 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:
Look up your federal income tax bracket based on your gross pay.
2023 tax brackets: single filers
Tax rate  Taxable income bracket  Tax owed 

10%  $0 to $11,000.  10% of taxable income. 
12%  $11,001 to $44,725.  $1,100 plus 12% of the amount over $11,000. 
22%  $44,726 to $95,375.  $5,147 plus 22% of the amount over $44,725. 
24%  $95,376 to $182,100.  $16,290 plus 24% of the amount over $95,375. 
32%  $182,101 to $231,250.  $37,104 plus 32% of the amount over $182,100. 
35%  $231,251 to $578,125.  $52,832 plus 35% of the amount over $231,250. 
37%  $578,126 or more.  $174,238.25 plus 37% of the amount over $578,125. 
For example, if you are single with $131,040 gross annual pay, your federal tax bracket is 24%.
Your estimated federal tax would be:
$16,290 + ($131,040 – $95,376) x 24% = $24,849.36
So at $63/hour with $131,040 gross pay, you would owe about $24,849.36 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 StatebyState 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:
$131,040 gross pay x 3.07% PA tax rate = $4,022.93 estimated state income tax
So with $131,040 gross annual income, you would owe around in $4,022.93 Pennsylvania state income tax. Verify your specific state’s income tax rates.
Factoring in Local Taxes
Some cities and counties levy local income taxes ranging from 13% 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:
$131,040 gross pay x 2.5% local tax rate = $3,276 estimated local tax
So with $131,040 in gross earnings, you may owe around $3,276 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:
$131,040 x 6.2% + $131,040 x 1.45% = $10,024.56
So you can expect to pay about $10,024.56 in Social Security and Medicare taxes out of your gross $131,040 in earnings.
Total Estimated Tax Payments
Based on the examples above, your total estimated tax payments would be:
Federal tax: $24,849.36
State tax: $4,022.93
Local tax: $3,276
FICA tax: $10,024.56
Total Estimated Tax: $42,172.85
Calculating Your Take Home Pay
To calculate your annual take home pay at $63 /hour:
1. Take your gross pay
2. Subtract your estimated total tax payments
$131,040 gross pay – $42,172.85 Total Estimated Tax = $88,867.15 Your Take Home Pay
n summary, if you make $63 per hour and work fulltime, you would take home around $88,867.15 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 $63 Per Hour to Yearly, Monthly, Biweekly, and Weekly Salary After Taxes
If you make $63 an hour and work fulltime (40 hours per week), your estimated yearly salary would be $131,040 .
The $131,040 per year salary does not account for taxes. Federal, state, and local taxes will reduce your takehome pay. The amount withheld depends on your location, filing status, dependents, and other factors.
Just now during our calculation of $63 An Hour Is How Much A Year After Taxes, we assumed the following conditions:
 You are single with $131,040 gross annual pay, your federal tax bracket is 24 %.
 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 $42,172.85 , Your Take Home Pay is $88,867.15 , Total tax rate is 32.18%.
So next we’ll use 32.18% as the estimated tax rate to calculate your weekly, biweekly, and monthly aftertax income.
$63 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  $131,040  32.18%  $42,172.85  $88,867.15 
Monthly Salary  $10,920  32.18%  $3,514.40  $7,405.60 
BiWeekly Salary  $5,040  32.18%  $1,622.03  $3,417.97 
Weekly Salary  $2,520  32.18%  $811.02  $1,708.98 
$63 an hour is how much a year after taxes
Here is the adjusted yearly salary after a 32.18% tax reduction:

 Yearly salary before taxes: $131,040
 Estimated tax rate: 32.18%
 Taxes owed (32.18% * $131,040 )= $42,172.85
 Yearly salary after taxes: $88,867.15
Hourly Wage  Hours Worked Per Week  Weeks Worked Per Year  Total Yearly Salary  Estimated Tax Rate  Taxes Owed  AfterTax Yearly Salary 

$63  40  52  $131,040  32.18%  $42,172.85  $88,867.15 
$63 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 $63 per hour: $131,040
 Divided by 12 months per year: $131,040 / 12 = $10,920 per month

The monthly salary based on a 40 hour work week at $63 per hour is $10,920 before taxes.
After applying the estimated 32.18% tax rate, the monthly aftertax salary would be:

 Monthly beforetax salary: $10,920
 Estimated tax rate: 32.18%
 Taxes owed (32.18% * $10,920 )= $3,514.40
 Monthly aftertax salary: $7,405.60
Monthly Salary Based on $63 Per Hour
Hourly Wage  Yearly Salary  Months Per Year  BeforeTax Monthly Salary  Estimated Tax Rate  Taxes Owed  AfterTax Monthly Salary 

$63  $131,040  12  $10,920  32.18%  $3,514.40  $7,405.60 
$63 an hour is how much biweekly after taxes
Many people are paid biweekly, meaning every other week. To calculate the biweekly pay at $63 per hour:
 Hourly wage: $63
 Hours worked per week: 40
 Weeks per biweekly pay period: 2
 $63 * 40 hours * 2 weeks = $5,040 biweekly
Applying the 32.18%estimated tax rate:
 Biweekly beforetax salary: $5,040
 Estimated tax rate: 32.18%
 Taxes owed (32.18% * $5,040 )= $1,622.03
 Biweekly aftertax salary: $3,417.97
Biweekly Salary at $63 Per Hour
Hourly Wage  Hours Worked Per Week  Weeks Per Pay Period  BeforeTax Biweekly Salary  Estimated Tax Rate  Taxes Owed  AfterTax Biweekly Salary 

$63  40  2  $5,040  32.18%  $1,622.03  $3,417.97 
$63 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: $63
 Hours worked per week: 40
 $63 * 40 hours = $2,520 per week
Accounting for the estimated 32.18% tax rate:
 Weekly beforetax salary: $2,520
 Estimated tax rate: 32.18%
 Taxes owed (32.18% * $2,520 )= $811.02
 Weekly aftertax salary: $1,708.98
Weekly Salary at $63 Per Hour
Hourly Wage  Hours Worked Per Week  BeforeTax Weekly Salary  Estimated Tax Rate  Taxes Owed  AfterTax Weekly Salary 

$63  40  $2,520  32.18%  $811.02  $1,708.98 
Key Takeaways
 An hourly wage of $63 per hour equals a yearly salary of $131,040 before taxes, assuming a 40 hour work week.
 After accounting for an estimated 32.18% tax rate, the yearly aftertax salary is approximately $88,867.15 .
 On a monthly basis before taxes, $63 per hour equals $10,920 per month. After estimated taxes, the monthly takehome pay is about $7,405.60 .
 The beforetax weekly salary at $63 per hour is $2,520 . After taxes, the weekly takehome pay is approximately $1,708.98 .
 For biweekly pay, the pretax salary at $63 per hour is $5,040 . After estimated taxes, the biweekly takehome pay is around $3,417.97 .
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 takehome 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 fulltime 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 $63 an Hour a Good Salary?
Whether $63 an hour is considered a good wage depends heavily on where you live and your household size and expenses. In moderate costofliving areas, $63/hour provides a reasonably comfortable middleclass lifestyle for many. But in high cost cities, it may only be lowermiddle class earnings.
To put $63/hour in context, it equates to an annual salary of around $131,040 if you worked fulltime yearround (40 hours per week). That places you in the top 2530% of all personal incomes nationwide.
However, after federal and state taxes, your annual takehome pay could be around $95,000 or less. And without employer benefits, you’d have to pay for your own healthcare, insurance, retirement and other costs.
So while a healthy income for many people, $63/hour does not guarantee economic security, especially for larger families. You’d likely enjoy a moderate middleclass lifestyle, but not necessarily an abundance of discretionary spending power. Location and budgeting are key.
Jobs that pay $63 an hour
Here are some of the most common professions paying around $63 per hour:
 Electrical engineers – Experienced engineers make $5570 per hour in many industries.
 Technical writers – Technical writers with 510 years of experience earn $5575 per hour.
 Mechanical engineers – Engineers in the auto, aerospace and manufacturing fields earn $5570 per hour once established.
 Physician assistants – Experienced PAs in specialty fields make $6075 per hour or more.
 Web developers – Senior web developers at tech companies earn $5570 per hour in total compensation.
 Project managers – IT, construction and product development PMs earn $5570 hourly when fully trained.
 Radiologic technologists – Senior radiology techs make $5065 per hour in hospital settings.
 Clinical laboratory technologists – Experienced lab techs can make $5070 per hour in medical labs.
 Occupational therapists – Therapists bill $6075 per hour in clinical settings once fully licensed.
Reaching a $63 per hour income level typically requires specialized skills, education and certifications. Entrylevel and unskilled positions are very unlikely to pay this hourly rate.
Can You Live Off $63 An Hour?
Can the average household live comfortably on $63 per hour? Here’s an overview of typical monthly expenses:
 Housing – Rent or mortgage for a modest 23 bedroom home, around $1,500$2,500 depending on location.
 Transportation – Car payments plus gas, insurance and repairs: $500$1,000.
 Food – Groceries, dining out for a family: $800$1,200.
 Utilities – Electric, gas, water, trash service: $300$500.
 Phone/internet – Cell phone plans, cable/internet: $200$400.
 Insurance – Health, dental, vision, life, disability: $500$1,000.
 Entertainment – Activities, streaming services, other subscriptions: $300$600.
 Clothing – New clothes, dry cleaning: $150$300.
 Travel – Occasional vacations, trips: $200$500.
 Miscellaneous – Everything else including pets, hobbies etc: $300$500.
 Debt payments – Student loans, credit cards, personal loans: $500$1,500.
 Savings & Investments – Ideally 1020% of net income: $1,000$2,000.
 Taxes – Federal and state taxes eat up 25% or more of gross.
Total: Around $6,000$10,000 per month for a moderately comfortable, middleclass life in most areas.
This rough monthly budget shows that $63/hour provides a reasonable standard of living for many middleclass households able to budget wisely. Strict budgeting in areas like housing, transportation and discretionary costs would be required to save substantially and pay down debt though.
The impact of inflation on the value of $63 an hour
While $63 an hour provides a comfortable wage today, inflation will steadily erode its real value over time. According to the U.S. Bureau of Labor Statistics, prices for housing, food, transportation, medical care, and other common expenses have risen over 3% per year on average during the past 20 years.
Assuming a 3.5% annual inflation rate, $63 today will only have the purchasing power of around $57 five years from now and $51 ten years from now. Your costs slowly claim more of your monthly budget.
This means wage earners have to seek regular raises just to maintain their current lifestyle. Those on fixed incomes see their purchasing power diminish each year as prices outpace earnings.
Coping with inflation often means changing jobs strategically for higher pay. On a flat $63 wage, building savings and wealth becomes more difficult over decades. Careful budgeting and smart investments become essential.
5 Ways To Increase Your Hourly Wage
Here are some potential strategies for moving beyond $63 per hour:
 Ask for raises and negotiate higher pay based on your contributions and experience. Come armed with market research.
 Pursue promotions or higher job titles that come with increased compensation.
 Gain new skills/certifications to qualify for higherpaying roles.
 Change employers to one that pays better for your experience level.
 Start a side business that allows you to earn supplemental income.
 Work overtime when possible, especially at timeandahalf rates.
 Enroll in higher education like a Master’s program to access more advanced roles.
Depending on your career path, a combination of adding skills, seeking promotions, strategic job changes and taking on side work can potentially help you surpass an hourly income of $63. Consistent effort is key.
Buying a car on $63 an hour
Is buying a car affordable if you make $63 per hour? Here’s an overview:
 The average new car transaction price is around $48,000 today.
 Even with a sizable downpayment, loan payments may exceed $600 per month over 5 years.
 Plus insurance, gas and repairs of $200$400 monthly.
 That’s around $800+ per month for basic transportation.
 On a $63 hourly income, that’s likely unaffordable for most budgets.
However, buying a used car for $15,00025,000 is much more viable. This keeps total monthly costs (loan, insurance, gas) under $500 comfortably.
You may also be able to afford a new compact model around $25,000 with strong credit and a large down payment. But overall, buying a car on $63 an hour requires sticking to cheaper vehicles while limiting loan amounts.
Can You Buy a House on $63 An Hour?
Next, let’s assess whether home ownership is feasible on an income of $63 per hour:
 The median home list price is currently around $325,000 nationwide.
 With a 10% down payment of $32,500, your mortgage principal will be $292,500.
 At a 5% fixed rate over 30 years, the monthly mortgage payment is approximately $1,550.
 On a $63 hourly income of $131,040 gross pay yearly, that $1,550 payment is 14% of your gross annual earnings.
 Experts recommend total housing costs stay under 28% of gross income.
 28% of your gross income is $36,691 annually or $3,058 monthly.
Based on this, buying a median priced home may be challenging but possible on a $63 hourly wage if you budget diligently. You’d want to aim for the lower end of your price range while keeping total monthly housing costs under $2,500.
However, in high cost areas where the median home is $600,000+, ownership may be out of reach on this income level. Renting a more modest home or apartment may be the better option financially.
In summary, home ownership on $63 an hour is feasible but requires careful budgeting, especially in higher cost regions. Staying well below median prices is key.
Example Budget For $63 Per Hour
Here is a realistic monthly budget for someone earning $63 per hour or $131,040 per year:
Monthly Net Income:
 Gross income: $131,040
 Taxes and deductions (30%): $39,312
 Take Home Pay: $91,728 annually / $7,644 monthly
Monthly Expenses:
 Rent: $1,500 (2bedroom apartment)
 Used Car Payment: $300
 Car Insurance: $120
 Gas: $120
 Groceries and Dining Out: $650
 Utilities: $300
 Cable/Internet: $100
 Cell Phone: $100
 Health Insurance: $400
 Entertainment: $200
 Clothing: $150
 Gifts and Miscellaneous: $200
 Retirement Savings: $500
 Emergency Fund Savings: $300
 Total Expenses: $4,940
Remaining Income: $2,704
This sample budget shows $63 an hour providing a moderately comfortable middleclass lifestyle. There’s some room for additional discretionary spending and financial goals after basic needs are met. But budgets would need to be monitored closely.
In Summary
 An income of $63 per hour translates to around $131,040 per year assuming fulltime employment.
 This salary can support a moderately comfortable middleclass lifestyle in most regions.
 Education, certifications and experience can potentially help you earn $63 per hour.
 Buying an averagepriced home may be challenging but possible at this income level with prudent budgeting.
 Inflation steadily diminishes the real value of a fixed $63 wage over decades.
 While covering basic needs, $63 an hour requires budget tradeoffs and limits discretionary spending capability.
 Home ownership is feasible in many markets with realistic expectations, but rents may be preferable in high cost areas.
 With careful money management and supplemental income, a $63 hourly wage can open the door to moderate wealth building over time.
In summary, an income of $63 an hour affords a reasonably comfortable but not lavish lifestyle for middleclass households and individuals willing to budget wisely. Ongoing career development and prudent financial habits remain important for longterm wealth creation.