$73 an Hour is How Much a Year? Before and After Taxes

$73 an Hour is How Much a Year Before and After Taxes

In today’s economy, an hourly wage of $73 may be considered average or even slightly above average depending on where you live. But what kind of annual, monthly, and weekly salary can you expect from $73 per hour of work? In this article, we’ll break down the potential earnings for both part-time and full-time yearly salaries at $73/hour. We’ll look at how taxes impact your take-home pay, converting the hourly wage into yearly, monthly, biweekly, and weekly earnings after tax.

Additionally, we’ll evaluate whether $73/hour is considered a good wage compared to national averages and typical salaries for common jobs. We’ll also explore whether it’s possible to live comfortably on $73/hour alone, or if supplemental income may be needed. With the cost of living rising due to inflation, we’ll look at how the buying power of $73/hour stacks up over time. Finally, we’ll provide actionable tips to increase your earnings if you currently earn less than $73 per hour. By the end, you’ll know exactly what to expect from $73 an hour in terms of yearly salary and purchasing power.

Convert $73 Per Hour to Weekly, Monthly, and Yearly Salary

Convert $73 Per Hour to Weekly, Monthly, and Yearly Salary

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We calculated this number by taking into consideration your hourly rate, the number of hours you work per week, the number of weeks per year (52 weeks), and the number of months per year (12 months).

We calculate this number by dividing your annual income by the number of months in a year (12 months).



This number is calculated based on 5 working days per week.

$73 an Hour is How Much a Year?

If you make $73 an hour, your yearly salary would be $151,840. 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($73) x Weeks worked per year(52) = $151,840

$73 an Hour is How Much a Month?

If you make $73 an hour, your monthly salary would be $12,653.33. We calculated this number by dividing your annual income by 12 months.

Hours worked per week (40) x Hourly wage($73) x Weeks worked per year(52) / Months per Year(12) = $12,653.33

$73 an Hour is How Much Biweekly?

If you make $73 an hour, your biweekly salary would be $5,840.

Hours worked per week (40) x Hourly wage($73) x 2 = $5,840

$73 an Hour is How Much a Week?

If you make $73 an hour, your weekly salary would be $2,920. Calculating based on 5 days per week and 8 hours each day.

Hours worked per week (40) x Hourly wage($73) = $2,920

$73 an Hour is How Much a Day?

If you make $73 an hour, your daily salary would be $584. We calculated your daily income based on 8 hours per day.

Hours worked per day (8) x Hourly wage($73) = $584

$73 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:

$73 per hour x 40 hours per week x 52 weeks per year = $151,840

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 $151,840 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 $151,840 .

Part time $73 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 30 hours per week instead of 40. Here’s how you calculate your new yearly total:

$73 per hour x 30 hours per week x 52 weeks per year = $113,880

By working 10 fewer hours per week (30 instead of 40), your annual earnings at $73 an hour drop from $151,840 to $113,880.

That’s a $37,960 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 $73 an hour:

Hours Per Week Earnings Per Week Annual Earnings
40 $2,920 $151,840
35 $2,555 $132,860
30 $2,190 $113,880
25 $1,825 $94,900
20 $1,460 $75,920
15 $1,095 $56,940

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.

$73 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 $73 per hour normally, you would make $109.50 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 $73 per hour = $2,920
  • 5 overtime hours paid at $109.50 per hour = $547.50
  • Your total one Week earnings =$2,920 + $547.50 = $3,467.50

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

$3,467.50 per week x 52 weeks per year = $180,310

That’s $28,470 more than you’d earn working just 40 hours per week at $73 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 $73 an hour:

Overtime hours per work day Hours Per Week Earnings Per Week Annual Earnings
0 40 $2,920 $151,840
1 45 $3,467.50 $180,310
2 50 $4,015 $208,780
3 55 $4,562.50 $237,250
4 60 $5,110 $265,720
5 65 $5,657.50 $294,190
6 70 $6,205 $322,660
7 75 $6,752.50 $351,130

How Unpaid Time Off Impacts $73/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($73) x Weeks worked per year(50) = $146,000 annual salary

With 2 weeks unpaid time off, your annual earnings at $73/hour would drop by $5,840.

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 $2,920 $151,840
1 51 $2,920 $148,920
2 50 $2,920 $146,000
3 49 $2,920 $143,080
4 48 $2,920 $140,160
5 47 $2,920 $137,240
6 46 $2,920 $134,320
7 45 $2,920 $131,400

Key Takeaways for $73 Hourly Wage

In summary, here are some key points on annual earnings when making $73 per hour:

  • At 40 hours per week, you’ll earn $151,840 per year.
  • Part-time of 30 hours/week results in $113,880 annual salary.
  • Overtime pay can boost yearly earnings, e.g. $28,470 extra at 45 hours/week.
  • Unpaid time off reduces your total income, around $5,840 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.

$73 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 $73 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 $73 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 $151,840 gross annual pay, your federal tax bracket is 24%.

Your estimated federal tax would be:

$16,290 + ($151,840 – $95,376) x 24% = $29,841.36

So at $73/hour with $151,840 gross pay, you would owe about $29,841.36 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 State-by-State Comparison of Income Tax Rates

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:

$151,840 gross pay x 3.07% PA tax rate = $4,661.49 estimated state income tax

So with $151,840 gross annual income, you would owe around $4,661.49 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:

$151,840 gross pay x 2.5% local tax rate = $3,796 estimated local tax

So with $151,840 in gross earnings, you may owe around $3,796 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:

$151,840 x 6.2% + $151,840 x 1.45% = $11,615.76

So you can expect to pay about $11,615.76 in Social Security and Medicare taxes out of your gross $151,840 in earnings.

Total Estimated Tax Payments

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

Federal tax: $29,841.36

State tax: $4,661.49

Local tax: $3,796

FICA tax: $11,615.76

Total Estimated Tax: $49,914.61

Calculating Your Take Home Pay

To calculate your annual take home pay at $73 /hour:

1. Take your gross pay

2. Subtract your estimated total tax payments

$151,840 gross pay – $49,914.61 Total Estimated Tax = $101,925.39 Your Take Home Pay

n summary, if you make $73 per hour and work full-time, you would take home around $101,925.39 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 $73 Per Hour to Yearly, Monthly, Biweekly, and Weekly Salary After Taxes

If you make $73 an hour and work full-time (40 hours per week), your estimated yearly salary would be $151,840 .

The $151,840 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 $73 An Hour Is How Much A Year After Taxes, we assumed the following conditions:

  • You are single with $151,840 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 $49,914.61 , Your Take Home Pay is $101,925.39 , Total tax rate is 32.87%.

So next we’ll use 32.87% as the estimated tax rate to calculate your weekly, biweekly, and monthly after-tax income.

$73 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 $151,840 32.87% $49,914.61 $101,925.39
Monthly Salary $12,653.33 32.87% $4,159.55 $8,493.78
BiWeekly Salary $5,840 32.87% $1,919.79 $3,920.21
Weekly Salary $2,920 32.87% $959.90 $1,960.10

$73  an hour is how much a year after taxes

Here is the adjusted yearly salary after a 32.87% tax reduction:

    • Yearly salary before taxes: $151,840
    • Estimated tax rate: 32.87%
    • Taxes owed (32.87% * $151,840 )= $49,914.61
    • Yearly salary after taxes: $101,925.39
Hourly Wage Hours Worked Per Week Weeks Worked Per Year Total Yearly Salary Estimated Tax Rate Taxes Owed After-Tax Yearly Salary
$73 40 52 $151,840 32.87% $49,914.61 $101,925.39

$73 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 $73 per hour: $151,840
      • Divided by 12 months per year: $151,840 / 12 = $12,653.33 per month

The monthly salary based on a 40 hour work week at $73 per hour is $12,653.33 before taxes.

After applying the estimated 32.87% tax rate, the monthly after-tax salary would be:

    • Monthly before-tax salary: $12,653.33
    • Estimated tax rate: 32.87%
    • Taxes owed (32.87% * $12,653.33 )= $4,159.55
  • Monthly after-tax salary: $8,493.78

Monthly Salary Based on $73 Per Hour

Hourly Wage Yearly Salary Months Per Year Before-Tax Monthly Salary Estimated Tax Rate Taxes Owed After-Tax Monthly Salary
$73 $151,840 12 $12,653.33 32.87% $4,159.55 $8,493.78

$73 an hour is how much biweekly after taxes

Many people are paid biweekly, meaning every other week. To calculate the biweekly pay at $73 per hour:

  • Hourly wage: $73
  • Hours worked per week: 40
  • Weeks per biweekly pay period: 2
  • $73 * 40 hours * 2 weeks = $5,840 biweekly

Applying the 32.87%estimated tax rate:

  • Biweekly before-tax salary: $5,840
  • Estimated tax rate: 32.87%
  • Taxes owed (32.87% * $5,840 )= $1,919.79
  • Biweekly after-tax salary: $3,920.21

Biweekly Salary at $73 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
$73 40 2 $5,840 32.87% $1,919.79 $3,920.21

$73 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: $73
  • Hours worked per week: 40
  • $73 * 40 hours = $2,920 per week

Accounting for the estimated 32.87% tax rate:

  • Weekly before-tax salary: $2,920
  • Estimated tax rate: 32.87%
  • Taxes owed (32.87% * $2,920 )= $959.90
  • Weekly after-tax salary: $1,960.10

Weekly Salary at $73 Per Hour

Hourly Wage Hours Worked Per Week Before-Tax Weekly Salary Estimated Tax Rate Taxes Owed After-Tax Weekly Salary
$73 40 $2,920 32.87% $959.90 $1,960.10

Key Takeaways

  • An hourly wage of $73 per hour equals a yearly salary of $151,840 before taxes, assuming a 40 hour work week.
  • After accounting for an estimated 32.87% tax rate, the yearly after-tax salary is approximately $101,925.39 .
  • On a monthly basis before taxes, $73 per hour equals $12,653.33 per month. After estimated taxes, the monthly take-home pay is about $8,493.78 .
  • The before-tax weekly salary at $73 per hour is $2,920 . After taxes, the weekly take-home pay is approximately $1,960.10 .
  • For biweekly pay, the pre-tax salary at $73 per hour is $5,840 . After estimated taxes, the biweekly take-home pay is around $3,920.21 .

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 $73 an Hour a Good Salary?

Whether $73 an hour is a good wage largely depends on where you live and your lifestyle expectations. In lower cost-of-living rural areas, this hourly wage goes much further than in expensive coastal cities like New York and San Francisco.

According to the U.S. Census Bureau, the real median household income was $67,521 in 2020. At $73 an hour, working full-time you would earn around $151,840 per year, more than double the median household income. So in general, $73 an hour can provide a comfortable middle-class lifestyle.

However, in high cost-of-living areas, this salary may only afford a modest standard of living. The key is managing expectations – $73 an hour will not allow for extravagant spending and sizable savings for most people. Practicing intentional budgeting is critical to living happily on this income.

Jobs that pay $73 an hour

Certain professional occupations commonly pay over $73 per hour:

  • Doctors – Specialists like anesthesiologists, surgeons, and OBGYNs often earn between $75-$200 per hour. However, becoming a doctor requires extensive education.
  • Dentists – General dentists can earn $70-$150 per hour once established in their own practice. Specialists like orthodontists earn even more.
  • Lawyers – Experienced lawyers in lucrative fields like corporate law can charge upwards of $100-$300+ per hour.
  • Engineers – Engineers in high earning fields like petroleum, software, and naval architecture often make $75-$125 per hour once they move up the ranks.
  • Executive consultants – Self-employed management consultants bill clients up to $250+ per hour depending on their specialty and reputation.
  • Financial service professionals – Experienced CPA’s, bankers, financial analysts, and wealth managers can earn $75-$150 per hour.

As you can see, most of the jobs that pay $73+ per hour require many years of education and experience to reach this earning potential. Very few people can achieve this high hourly wage directly out of college.

Can You Live Off $73 An Hour?

Let’s evaluate if living off $73 an hour is feasible by creating a sample monthly budget. We’ll use an after-tax hourly wage of $55 to account for 30% in income taxes for the sake of this example:

  • Gross monthly income at $73/hour: $11,680
  • After 30% tax: $8,176

Sample Budget

  • Rent: $2,000 (1 bedroom apartment)
  • Groceries: $550
  • Car payment + insurance: $700
  • Gas: $200
  • Utilities: $250
  • Internet/cable/subscriptions: $200
  • Cell phone: $100
  • Dining out: $500
  • Entertainment: $400
  • Miscellaneous: $300
  • Total monthly expenses: $5,200

Remaining income after expenses: $2,976

This budget leaves nearly $3,000 per month for additional savings, travel, debt repayment, health insurance, medical costs, and other expenses. Overall this is a comfortable budget for a single person without children. Certainly, you’d need to make some spending adjustments if you had a family to support. But in general, living solely off $73 an hour is definitely feasible.

The impact of inflation on the value of $73 an hour

While $73 per hour seems high compared to minimum wage, inflation continually eats away at the real value of this wage over time. For example, $73/hour today would only have been worth about $47/hour back in 2000 based on the Consumer Price Index.

As the cost of housing, food, transportation, and other living expenses rise faster than wages, $73 buys fewer goods and services than the same wage in previous decades. This inflation can seriously impact quality of life, especially if your earnings don’t rise commensurately.

To maintain purchasing power, hourly wages must increase over time to keep up with the inflated costs of common expenses. When inflation averages 3-4% per year, someone earning $73 an hour would need to earn around $76 per hour the next year just to maintain the same standard of living.

5 Ways To Increase Your Hourly Wage

While $73 an hour provides a decent income today, you’ll likely need to earn even more over time to offset inflation. Here are 5 potential strategies to increase your hourly earnings:

  1. Ask for a raise – If you’re already earning close to $73 an hour, requesting a reasonable raise from your employer can help you cross this threshold. Come prepared by researching typical wages for your role and compiling metrics that showcase your contributions.
  2. Change jobs or careers – Applying to higher paying jobs and positions is one of the fastest ways to increase your earnings. Consider what skills are in high demand and develop expertise there.
  3. Start a side hustle – Starting a freelance business or side gig is a proven way to make extra income. Leverage your skills and knowledge to provide services like financial planning, web design, tutoring, writing, and more.
  4. Build passive income streams – Creating sources of passive income can dramatically boost your earnings without requiring large amounts of time. Build a website, write an ebook, invest, or leverage other assets to generate this lucrative extra income.
  5. Obtain degrees or certifications – Furthering your education and gaining new designations in your profession is a smart investment. Advanced expertise leads to higher salaries.

With intentional effort, you can position yourself to command $73 an hour or more. Continuously build your skills and knowledge to increase your income and offset inflation.

Buying a car on $73 an hour

Making $73 an hour certainly provides enough income to buy a nice new or used car, but you’ll want to be careful not to overextend your budget on an automobile. As a general rule, your total car costs including loan payments, insurance, gas and maintenance should stay under 15-20% of your gross monthly income.

On a salary of $151,840 (working 40 hours at $73/hour), you can comfortably afford a vehicle that costs $450-$600 per month including insurance, gas and upkeep. This equates to a total car value of around $27,000-$36,000 if your loan length is 5 years at 6% interest. And you’ll want to pay a sizable down payment upfront to get the monthly cost down.

With $73 an hour income, buying a luxury vehicle over $60,000 is generally not recommended, as it strains cash flow and crowds out other financial goals. Set your sights on a lightly used Toyota, Honda or Ford that retains good value and lower maintenance costs. And use any leftover budget for retirement savings or investments.

Can You Buy a House on $73 An Hour?

While buying a home is still achievable on $73 per hour, you’ll need to manage your expectations. As housing costs have ballooned, it takes a much higher income than decades prior to purchase real estate. Making a prudent home purchase will require discipline and budgeting.

On an annual salary of $151,840, lenders will approve you for up to a $680,000 mortgage with today’s interest rates. However, spending that much on a home ties up all of your income on housing and leaves little extra for other goals.

Instead, target a $400,000 – $500,000 home with a 20% down payment to keep monthly costs around $2,000 – $2,400 including taxes and insurance. Also be sure to factor in maintenance costs of 1-4% of the home’s value per year. While not cheap, keeping housing costs at 30% or less of your gross pay on this salary is prudent.

The bottom line is buying a house on $73 an hour is feasible in most markets, but requires careful budgeting for your goals. Avoid purchasing more home than you can comfortably afford. Investing the rest of your income is key to long-term security.

Example Budget For $73 Per Hour

Here is an example monthly budget for living comfortably on $73 an hour take home pay of $8,176:

  • Mortgage/Rent: $2,000
  • Utilities: $350
  • Groceries: $600
  • Car Payment + Insurance: $700
  • Gas: $250
  • Cell Phone: $100
  • Internet + Cable: $150
  • Dining Out: $500
  • Travel + Entertainment: $500
  • Health Insurance: $500
  • Life + Disability Insurance: $150
  • Total Expenses: $5,800

Remaining for Additional Savings and Costs: $2,376

This budget allows for retirement investing, modest vacationing, emergency savings, plus additional costs like clothing, gifts, medical bills, home repairs, etc. Adjust the figures to fit your specific situation. The key is aligning expenses with your income and priorities.

In Summary

Overall, living on $73 an hour provides sufficient income for a comfortable lifestyle in most areas, as long as you budget wisely and keep your housing, vehicle and other costs proportional to your earnings. This salary affords a middle class standard of living.

To maintain purchasing power and financial security long-term, continue growing your skills and income to offset inflation. With prudent money management and investing, you can live well on $73 per hour while building wealth.

Convert $73 Per Hour to Weekly, Monthly, and Yearly Salary

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