The Cost of Survival in San Francisco
Can you survive on $20/hr in San Francisco? The estimated Living Wage for a single adult in San Francisco is roughly $74.29/hr. At your current rate, you are slightly below this basic benchmark.
The Annual Picture
Small hourly differences add up. Your $20/hr wage converts to a gross annual salary of $41,600. This is the number lenders will look at for car loans or leases in San Francisco.
The Overtime Advantage
Overtime is a powerful tool in California. Working just 5 hours of overtime (1.5x pay) per week would boost your annual income by $7,800, bringing your total to $49,400.
Gig Economy & Contractor Taxes
Are you a 1099 contractor in San Francisco? Remember that California taxes still apply, and you must pay the full 15.3% Self-Employment tax. Budget setting aside 25-30% of every check.
Budgeting Reality: The 50/30/20 Rule
On $20/hr, your estimated monthly take-home in San Francisco is $2,773. To follow the 50/30/20 rule, aim to keep essential expenses (Rent + Food) under $1,387 per month.