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Old 04-10-2024, 09:19 AM
 
1,943 posts, read 2,296,095 times
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Hourly wage needed for a single adult
2024 : $ 46.06
Salary : $ 95,805

Two working adults with two Children
Salary $ 253,011

( latest data from the MIT living wage calculator ) Feb 14 th 2024
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Old 04-10-2024, 10:26 AM
 
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I simply don't believe it takes more than $20k/month to live here with two kids.
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Old 04-10-2024, 10:47 AM
 
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Default well yes

this study was done at MIT and I believe it was meant for a comfortable middle class life style .


here is the link to explore , The living wage at which a person can actually support themself is much lower . The required income before taxes for 2 adults working and two children is $126,505

https://livingwage.mit.edu/metros/17820
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Old 04-10-2024, 11:01 AM
 
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The higher figures come from this web site

"While cost of living premiums and inflation metrics capture the price increases in goods and services, they do not necessarily account for all the additional costs needed to live comfortably – such as a buffer from the stress of living paycheck to paycheck. "

The 50/30/20 budget recommends that for sustainable comfort, 50% of your salary should be allocated to your needs, such as housing, groceries and transportation; 30% toward wants like entertainment and hobbies; and 20% toward paying off debt, saving or investing. Applying the local cost of necessities and taxes to this rule, we can derive the pre-tax salary needed to live comfortably in 99 U.S. cities. "

https://smartasset.com/data-studies/...mfortably-2024 ( key word " comfortably " )
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Old 04-10-2024, 12:05 PM
 
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That makes more sense. I believe a family of four, if they had to buy a relatively nice house at current prices and current rates, might need $250k in order to truly be comfortable and save sufficiently.
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Old 04-10-2024, 12:29 PM
 
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The MIT report should be viewed with the same skeptical eye we use on all those "best places to live" articles.
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Old 04-10-2024, 03:24 PM
 
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Default yes

Quote:
Originally Posted by Mike from back east View Post
The MIT report should be viewed with the same skeptical eye we use on all those "best places to live" articles.
agree I have been to some of those best places to live
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Old 04-10-2024, 04:19 PM
 
Location: Goffstown NH
6 posts, read 3,263 times
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I've lived in places with an income way lower than these studies suggest. When I lived in the Springs in 2000 to 2006, I made 15 dollars an hour. Granted I have noticed the rents have climbed considerably since then. I once lived in San Francisco and was making 30k a year.
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Old 04-11-2024, 07:39 AM
 
Location: Upstate
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Quote:
Originally Posted by Mike from back east View Post
The MIT report should be viewed with the same skeptical eye we use on all those "best places to live" articles.
So they are wrong about every location in the US?
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Old 04-11-2024, 11:22 AM
 
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Quote:
Originally Posted by USNRET04 View Post
So they are wrong about every location in the US?
Sort of. It depends largely on what criteria are used to calculate judging an area. The entity writing the list may judge climate as a key item, thus they would probably judge San Diego or San Francisco as 'best' but the housing affordability is among the worst for most of us. What is best depends on each reader's point of view. Such articles are best used as a start point for the due diligence process. One needs to take a total view of all the criteria to pick what's best to them to look into. And some of those 'best places' articles are nothing but Chamber of Commerce fluff.
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Last edited by Mike from back east; 04-11-2024 at 11:57 AM..
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