Cost of Living Survey: The Salary Each Generation Says They Need in 2025
Written by
Gabrielle Olya
Edited by
Nicole Spector
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Although the cost of living is on the rise, nearly half of Americans (48%) believe it’s possible to live comfortably with a salary of $100,000 or less. According to a new GOBankingRates survey, the largest proportion of Americans (29%) believe it’s possible to live comfortably earning between $75,000 and $100,000. In addition, 19% believe it’s possible to live comfortably on $50,000 to $75,000, and 8% believe it’s possible to live comfortably if you earn less than $50,000.
However, different generations have different ideas about the salary required for a comfortable life. Here’s a look at the salary each generation says they need in 2025.
Key Findings
- Gen X was most likely to say you need to earn $100,000 to $150,000 to live comfortably in 2025. Nearly one-quarter (24%) of Americans ages 45 to 54 said you need to earn in this range to be comfortable.
- Boomers were most likely to say you can live comfortably on $50,000 to $75,000. Among Americans ages 65 and older, 24% said that you can live well in this salary range.
- All generations agree you need to earn over $500,000 to be upper class in 2025. Overall, 19% of Americans, the majority, believe you need to hit this benchmark to be upper class.
Different Salary Thresholds for Different Generations
Most of the generations are aligned on the salary they believe you need to live comfortably, though there are some subtle differences.
Among Gen Z (ages 18 to 24), 27% believe you need to earn between $75,000 and $100,000 to live comfortably and 22% believe you need to earn between $50,000 and $75,000.
For younger millennials (ages 25 to 34), 29% believe you need to earn between $75,000 and $100,000, but an equal proportion (20%) believe you need to earn between $50,000 and $75,000 and between $100,000 and $150,000. Older millennials (ages 35 to 44) tend to believe $75,000 to $100,000 is the sweet spot, with 31% believing this is the salary range for a comfortable life.
Gen X (ages 45 to 54) are the most likely to believe you need to earn between $100,000 and $150,000 to live comfortably, with 24% selecting this range. However, the largest proportion (27%) believes that $75,000 to $100,000 is enough to live comfortably.
Among younger boomers (ages 55 to 64), 28% believe $75,000 to $100,000 is required to live comfortably, while 29% of older boomers (ages 65+) feel the same. Notably, older boomers are the most likely to believe that you can live comfortably earning between $50,000 and $75,000, with 24% stating that this salary range will suffice.
Gen X Has High Expectations
While Gen Z and millennials are often singled out for having too-high salary expectations, it’s actually Gen X who believes you need to make the most money to live well in 2025.
“Gen X might assume that they need more because this is the generation that has literally lived through four major pullbacks during their working careers, including the dot-com crash in the early 2000s when the S&P had three back-to-back years of negative returns, and the Great Financial Crisis, which was brought about by the lax underwriting of adjustable-rate mortgages,” said Roland Chow, partner at Optura Advisors.
“If you include the Trump tariff proposals and the uncertainty the markets have experienced from the tariff proposals this year, then it would be five major pullbacks.”
It’s likely that these events have deeply impacted the psyche of this generation, Chow said.
“There’s no other generation that has lived through literally four to five significant pullbacks and watched their 401(k) [plans] swing back and forth in a whiplash fashion,” he said.
Boomers Believe You Can Live Comfortably for Less
Although the largest proportion of boomers believe you need to earn $75,000 to $100,000 to live comfortably, nearly one-quarter of Americans ages 65 and older (24%) believe you can live well earning between $50,000 and $75,000. This could be because they have other sources of income outside of their salaries, including stock market investments.
“Baby boomers have done well in the stock market compared to Gen X,” Chow said. “They experienced two of the greatest boom periods in the stock market in recent history, from 1980 to 2000 and from 2009 to 2021.”
In addition, this generation has benefited from a boom in real estate values.
“Their houses and rental properties, which they bought for likely what now seems like a very low price, are all paid off,” Chow said. “They may even have additional income coming from the rental properties.”
Boomers are also more likely to have pensions than members of other generations.
“Many of them have pensions, and so it makes a lot of sense that this group feels they need much less to live on,” Chow said.
Who Is Right?
While different generations may have different expectations for the salary needed to live comfortably, most generations are actually underestimating what it takes, given that the average monthly spend for an American household is roughly $8,500.
“On a per annum basis, that would total about $102,000 — this does include savings at around 10% of the total spend,” Chow said. “To be comfortable, I would say that it would take at least a total gross annual income of $190,000.”
More Generational Salary Perspectives
The GOBankingRates survey also asked Americans of all ages the minimum salary they believe would qualify someone for the upper class and the salary needed to afford a home.
Among all generations, the largest proportion of respondents believe you need to earn over $500,000 to be considered upper class. However, older millennials (ages 35 to 44) and older boomers (ages 65+) were the most likely to believe you need to reach this threshold, with 21% of each generation believing this to be the case. Americans ages 55 to 64 were most likely to believe that a salary of $200,000 to $250,000 qualifies you for the upper class.
Americans of all ages believe that $100,000 to $150,000 is the salary range needed to buy a home. Among the various age groupings, between 20% and 23% believe this is the salary needed.
Methodology: GOBankingRates surveyed 1,000 Americans ages 18 and older from across the country between Feb. 10 and Feb. 15, 2025, asking 17 different questions: (1) When do you expect to file your taxes this year?; (2) How much do you expect it to cost you to file your taxes this year?; (3) How much do you expect to receive in a tax refund?; (4) What do you plan to do with a majority of your refund?; (5) Do you believe your tax dollars are being spent effectively?; (6) Do you believe you are paying too much, too little or a fair share in taxes?; (7) Do you expect your tax refund this year to be more or less than last year?; (8) Do you depend on a tax refund to make ends meet?; (9) If you owe more than $1,000 on taxes this year, can you afford to pay it immediately?; (10) What do you understand the least about your taxes?; (12) What concerns you the most about Tax Day?; (11) What concerns you the most about Tax Day?; (12) Do you believe the ultra wealthy should be taxed more, less or the same?; (13) Do you believe the middle class should be taxed more, less or the same?; (14) What salary do you believe is needed to live comfortably in the US in 2025?; (15) What is the minimum salary you believe is needed to be upper class?; (16) What salary do you believe is needed to afford a home in the US in 2025?; and (17) Are you spending more or less on groceries than last year? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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