Is $60,000 a good salary in Moncton, New Brunswick in 2024? (2024)

FAQs

What is a good salary in Moncton? ›

CAD $55,000 to $60,000 per year is the average income in the country. The payscale is calculated as per the margin of the various service sectors over here. The previous year, Canada was in the top 20 list for paying the highest rates paying county in the world.

The standard advice is that you should set aside about 30% of your gross income for rent. So if you make $60,000 a year, your rent should not exceed $1,500. While this might be plenty for an individual living in a low-cost area, it doesn't work for a family in a pricey neighborhood.

Is a $60K salary good for a single person? In many cases, yes. While the wage falls short of the median salary and the average pay in the United States, it's generally considered enough for an individual to live on. Of course, just how far a dollar can go depends largely on the cost of living in your area.

The average salary in Moncton is $46,160, which is 15.2% lower than the Canadian average salary of $54,450. A person making $60,000 a year in Moncton makes 30% more than the average working person in Moncton and will take home about $45,096.

Costs are highest in Fredericton, said Atcheson, where a living wage would be $24.50 an hour. In Saint John, a decent living would require pay of $23.35, according to the council's assessment. Moncton's latest living wage is calculated to be $22.75.

The average salary for a full-time worker in Canada is $63,013 per year or $1,211 per week. This marks a 4% increase in salary growth than the previous year.

$60,000 a Year Is How Much an Hour? If your annual income is $60,000, your approximate hourly wage would be $28.85. This calculation is based on a standard work schedule of 40 hours a week and 52 weeks a year.

If you make $60,000 Annually in Ontario, Canada, you will be taxed $11,847. Your average tax rate is 14.47% and your marginal tax rate is 20.5%.

How much rent can I afford on $60k? If you make $60,000 per year — using the 30% standard — you can afford to spend $18,000 per year on rent or $1,500 per month before taxes.

What house can I afford with a 60k salary? ›

The general guideline is that a mortgage should be two to 2.5 times your annual salary. A $60,000 salary equates to a mortgage between $120,000 and $150,000.

A $60K salary is around $14,000 less than the median household income in the country — $74,580, per the most recent Census data — which falls in the bottom half of earners.

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.

A $60,000 annual salary is equivalent to earning a $28.85 hourly wage, or $230.80 each day.

Average Cost of Living per Month in Moncton

The average cost of living in Moncton is $2,974/month for a single person who rents. This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.

The average salary in Fredericton is $51,080, which is 6.2% lower than the Canadian average salary of $54,450. A person making $70,000 a year in Fredericton makes 37% more than the average working person in Fredericton and will take home about $50,931.

The living wage rates of 2023 are $24.50 in Fredericton, $23.35 in Saint John, $22.75 in Moncton, and $21.65 in Bathurst. The living wages in all four communities have increased since they were last calculated in 2022.