What is the real Living Wage? (2024)

FAQs

What is the real Living Wage? ›

An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...

The consensus is that a living wage provides individuals with enough income to support themselves without falling below the federal poverty line (FPL). In essence, it gives workers and their families the means to maintain a decent standard of living so they can afford: Housing.

The real Living Wage is the only wage rate calculated based on the true cost of living, whereas the National Living Wage is a % of average earnings. When living costs have been rising so sharply, it's never been more important to pay a wage that provides a decent standard of living.

“The minimum wage, in almost every location in the United States does not cover a living wage,” Glasmeier said. She said even the highest minimum wage, $17 an hour, doesn't cut it. A livable wage, nationwide, would be closer to $25 an hour, according to her research.

To live "comfortably" as a single person in 99 of the largest U.S. metro areas, you'll need a median income of $93,933, according to a recent SmartAsset analysis.

An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...

With careful budgeting and financial planning, $25 is still a viable hourly wage. Even though it's not a particularly high hourly rate, it's still well above the minimum wage rate in most areas. Keep in mind that your take-home pay will also be affected by things like benefits, overtime pay, and possible bonuses.

On average, an individual needs $96,500 for sustainable comfort in a major U.S. city.

Researchers found that, on average, single adults living in 99 of the largest metro areas in the U.S. need to make $96,500 to sustain comfortable living.

But here's the thing: Neither is $15 a livable wage for the vast majority of Americans. Although corporations and politicians continue to use $15 an hour as their go-to target for decent pay, we desperately need to raise the bar.

Can I live on $23 an hour? ›

A person must earn $44,175 a year (before taxes) — or $21.24 an hour — to make a livable wage in California now, according to the Massachusetts Institute of Technology's living wage calculator, which is updated annually.

If you make $20 an hour, your yearly salary would be $41,600.

Is 30 Dollars an Hour a Good Wage? 30 dollars an hour can be a good wage if you don't live in a high-cost area and you're single. However, if you're married, have kids, or live in a high-cost area, you might need an additional income from your spouse or to supplement with a side hustle.

A $40,000 salary may be sufficient for an individual in a low-cost area, but it may not be enough for a family to live comfortably in most parts of the US. Rising inflation has made it more challenging to live on a $40,000 salary, but it still exceeds the poverty threshold for families.

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In fact, if you're wondering where to live in the Golden State, your income may be the deciding factor. A good salary for a single person in California varies widely depending on location and industry: $50K may be enough in some areas, $100K in others.

In most of the US non-coastal states, $80,000.00 USD per year is a very decent income and puts you right in the center of the middle class. If you budget well with an $80,000 salary, you can likely buy a home, drive a reasonably-priced new car and enjoy many of the good things America has to offer.

California. California's living wage is $19.41, or $40,371 a year for an individual. A family of four requires $27.42, or $101,378 a year.

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city.

Can You Live On $20 an Hour? The ability to survive on a wage of $20 per hour depends on your individual circ*mstances. A single person with no dependents may be able to live comfortably on this amount, but if you are married and have to pay rent, it could be challenging to make ends meet with $20 per hour.