What salary should you expect when applying for or accepting a job in Germany’s financial capital Frankfurt? It’s a great place to work and live. You can combine a well-paid job with a good work-life balance. However, salaries aren’t the highest in the region, but they are very decent. So what compensation should you be looking for to have a good life in Frankfurt?
A monthly net salary between 2,800 EUR and 3,500 EUR is considered a good wage in Germany’s financial capital Frankfurt. This corresponds to an annual gross salary of above 55,000 EUR. Considering the average wage in Germany is over 55,000 EUR, reaching this salary shouldn’t be a problem.
If you are working in finance, Frankfurt is your place in Germany. With a population of over 700,000 people, it’s one of the largest German cities. Besides, the cost of living in Frankfurt is lower than in many other places in Germany, including cities like Munich and Hamburg. Read this article to learn what salary you should aim for when getting a job in Frankfurt. Besides, check this post about wages in Germany.
What is considered a good salary in Frankfurt, Germany?
In 2022, for an employee in Frankfurt, Germany, after-tax monthly income starting from 2,800 EUR is considered to be good. For this, one must have a gross annual salary of at least 50,000 – 55,000 EUR. These numbers apply throughout the country.
The required gross salary depends on your tax bracket, which also depends on your marital status. So singles need an income of at least 55,000 EUR/year to hit the 2,800 EUR mark, while married should earn only 50,000 EUR/year before tax.
Generally, 55,000 EUR per year is the income of the typical middle class in Germany, particularly in Frankfurt.
Families with children will need at least 3,500 EUR per month to live comfortably in Frankfurt.
A net salary between 2,800 EUR – 3,500 EUR per month is considered good for a single in Frankfurt.
A couple with children both earning 36,000 EUR net will have a very good life. As a family, you want to have at least 60,000 EUR in shared income.
Learn about salaries in Germany.
Cost of living in Frankfurt
Frankfurt has a moderate cost of living; you will enjoy a good value for your money. A recommended budget for a single person living in Frankfurt is 2,480 EUR and 4,309 EUR for a family of four.
Rent for a one-bedroom apartment outside the city center is 859 EUR and 1,116 EUR in the city center. Larger apartment for a family costs from 1,500 EUR per month in rent. Utilities come to about 197 EUR for a small flat. You will pay about 33 EUR for the internet.
In general, you want to have about 2,500 EUR at your disposal to cover all necessities and have some fun in Frankfurt as a single.
Moreover, with an average salary, you will be able to save between 500 EUR – 1,000 EUR per month if you budget right.
A good way to save money as an employee in Germany is to take out private medical insurance, which is more affordable than public coverage. You pay a fixed monthly rate for private insurance; it can be as low as 150 EUR. Whereas public insurance will cost you almost 15% of your gross salary doesn’t matter what.
Example of a good salary in Frankfurt
If your base gross salary is 55,000 EUR and you are single, you will receive 33,462 EUR annually and 2,788 EUR monthly after-tax.
The estimated cost of living for a single person in Frankfurt is 2,480 EUR; however, in reality, you can live on less. A good lifestyle is possible already with an income of 2,000 EUR.
Nonetheless, the gross salary of 55,000 EUR allows you to cover all necessities and more. This salary is easily achievable considering the average wage in Germany is about 57,000 EUR before taxes.
For example, if you want to live in one of the nicest districts of Frankfurt in a comfortable one-bedroom apartment, you could do so. You can expect the rent to be about 1,100 – 1,300 EUR monthly.
Public transport in Frankfurt is affordable and efficient. You certainly don’t need to get a car to move around. A monthly pass costs 90 EUR and gives you unlimited access to buses and trams.
Clothes and other everyday personal items cost the same as in most of Europe. Plenty of discounters allow you to save (e.g., Aldi, Lidl).
You will generally do great with a 50,000 EUR gross annual income in Frankfurt. Moreover, you will have some money to spare every month.
Let’s take a look at all major monthly expenses for a single living in Frankfurt with 2,800 EUR in net income:
|Housing||Rent for a one-bedroom apartment close to the city center – 1,000 EUR|
|Utilities||100 EUR; internet – 33 EUR|
|Groceries and food||500 EUR|
|Disposal income per month||1,077 EUR for closing and shoes, personal items, eating out, entertainment, and weekend trips.|
|Saving||You can save at least 400 EUR.|
Income taxes in Frankfurt
Income taxes are pretty much equal in all parts of Germany, including Frankfurt. German employees pay on average between 30% and 45% in taxes. These include income taxes and social contributions such as health insurance, retirement, and others.
Here is an overview of German tax rates and respective monthly brackets for 2022:
|Monthly salary (up to)||Tax rate|
|0 – 9,984||0%|
|9,984 – 58,596||14% to 42%|
|58,596 – 277,825||42%|
Total tax and social security contributions deductions for German employees are high. You will pay between 35% and 45% of your monthly income. Where:
- Income taxes – between 14% to 45%
- Health insurance – 14,6% of your gross salary in total (paid half by you and half by the employer)
- Retirement insurance is levied at 19,6% of gross salary, of which half is paid by the employer and half by the employee
- Church tax – between 8% and 9%
- Solidarity surcharge – 5,5%
- Unemployment insurance – 3% (paid half by you and half by the employer)
Read in-depth tax comparison of Germany vs the US.
Average salary in Frankfurt in 2022
Currently, the average salary in Frankfurt is 3,987 EUR per month before taxes. The lowest average wage is 3,180 EUR, and 5,199 EUR is the highest. Frankfurt has the highest average salaries in the region, Hesse.
No surprise, the best-paid jobs in Frankfurt are in Finance & Banking. Most German and international banks have their headquarters in Frankfurt.
In fact, Frankfurt’s financial specialists and managers earn an average of 73,200 EUR a year gross. Financial experts who know how to negotiate a salary get an average salary of 79,500 EUR.
The average salary of some typical jobs in Frankfurt:
|Job||Yearly gross salary (EUR)|
|IT system administrator||56,100|
|Help desk support||45,700|
|Key account manager||61,032|
How much are companies paying in Frankfurt?
Here is an overview of companies based in Frankfurt and the salaries they offer for different positions.
|Company||Position||Average annual salary (EUR)|
|European Central Bank||Trainee||1,185/month|
Is 70,000 EUR per year a good salary in Frankfurt?
As a single, a gross salary of 70,000 EUR will give you 40,944 EUR net, including bonuses, that’s about 3,412 EUR per month. Considering the cost of living and average wages in Frankfurt, you can already live a very comfortable life at 2,800 EUR per month.
With an annual income of 70,000 EUR, you can rent a nice apartment and affordable, high-quality food, eat out, have hobbies, travel, and save. Moreover, as a single, you could easily afford great rentals and even a mortgage.
This income is also considered to be suitable for a family. However, if you have two children, you want to earn more to provide them with better living conditions and childcare.
What salary do you need to live comfortably in Frankfurt?
Frankfurt is cheaper than many other German cities, assuming you aren’t living in bohemian parts of town. It’s much more affordable than Munich or Hamburg. Moreover, living in Frankfurt is way cheaper than living in London, Paris, New York, or Los Angeles.
Generally, an adult would need around 2,800 EUR per month to live comfortably in Frankfurt as a single and at least 3,500 EUR as a couple/family. With that income, you can afford:
- renting a one or two-bedroom apartment in the good area
- buying good quality food
- going out for meals and drinks
- yearly vacation and gateways weekends
- saving at least 300 EUR every month
Students can live on a smaller budget since most of them rent only a room in a shared apartment, which costs between 400 EUR and 500 EUR per month. Therefore, 950 EUR – 1,100 EUR is a comfortable amount to live as a student in Frankfurt.
With that said, the general cost of living in Frankfurt:
- Family of four estimated monthly costs are 4,309 EUR
- A single person estimated monthly costs are 2,480 EUR
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