What the Average American Could Afford With Congressman’s Salary
Summary
Members of the U.S. Congress earn a base salary of $174,000 per year, with higher pay for leadership roles. After taxes, this salary allows an average American to afford housing, transportation, and food expenses comfortably, including owning a home or renting a two-bedroom apartment.Key Facts
- The base salary for U.S. Congress members in 2024 is $174,000 yearly.
- Congressional salaries have been frozen since 2009 and have lost value due to inflation.
- After federal and payroll taxes, a $174,000 salary nets about $129,725 annually, or around $10,810 monthly.
- It is recommended to spend no more than 30% of income on housing, equaling about $3,243 per month for someone earning $174,000.
- This housing budget can cover a mortgage on a $430,000 to $550,000 home or rent a two-bedroom apartment.
- Typical monthly mortgage costs on a $505,000 home could include $2,517 principal and interest, $379 property taxes, and $347 insurance.
- Average monthly spending for Americans includes about $2,189 on housing, $1,110 on transportation, and $847 on food.
- Median rent for a two-bedroom apartment in the U.S. is approximately $1,895 per month as of April 2024.
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