What’s the living wage a family of four needs in every US state? (2024)

FAQs

How much does a family of 4 need to live in USA? ›

Out of all 99 cities SmartAsset examined, a family of four would need a median of $226,886 to live comfortably.

The average cost of living for a family of four in the UK, including rent, is around £4,000 to £4,500. Living away from major cities might change this figure. Managing finances well is essential. But major expenses and household expenditure like rent, food, transport, and taxes are typically covered within this range.

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.

The average monthly expenses for a family of four range from $7,875 to $9,168 (depending on the ages of your kids). For single folks, the average monthly expenses are $4,337.

Well, it depends. 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.

The latest data show average monthly expenses ranged from $3,693 for one person to $8,068 for a family of five or more. Try the 50/30/20 model for your own spending.

You can retire comfortably on $3,000 a month in retirement income by choosing to retire in a place with a cost of living that matches your financial resources. Housing cost is the key factor since it's both the largest component of retiree budgets and the household cost that varies most according to geography.

In some U.S. states, a family of four needs to earn at least $100,000 to get by, a new analysis reveals. In Hawaii, the living wage for a married couple with two children is $182,900 — the highest in the country — according to a study by personal finance website GOBankingRates.com.

The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people. Living alone comes with added costs that can be more than double what you'd spend if you lived with someone else — otherwise known as the “singles tax.”

This means the value of money today is not the same as it will be in the future. To account for this, experts suggest you multiply your desired retirement income by 25 times. So if you want to retire on $20,000 a year, you would need $500,000 saved to live comfortably and never have to work again.

Can you live off $25 an hour? ›

Earning $25 per hour puts you well above the poverty line, especially if you're single. 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.

Highlights: Average Grocery Bill For Family Of 4 Statistics

On average a family of four spends about $166 per week on groceries. On average, a thrifty food plan for a family of four comes to about $567.80 a month. In 2019, it was found that a family of four wastes around $1500 worth of groceries every year.

Average Expenses for a Family of Four

According to the most recent data, U.S. households that consist of four people spent an average of $8,640 per month in 2022. In 2021, the average four-person household spent $7749 per month. This works out to average annual expenditures of $101,514 in 2022, up from $92,989 in 2021.

In some U.S. states, a family of four needs to earn at least $100,000 to get by, a new analysis reveals.

Using the BLS study of household earnings from 2021-2022, we found that an average household of 4 people spends approximately $97,000 per year. With a $150,000 salary, this would be sufficient to cover all your expenses and save $15,000 annually.

The national median household income is $74,580, according to the most recent U.S. Census Bureau Current Population Survey data for 2022. It's a 2.3% decline from 2021 estimates of $76,330.

San Francisco, California

To meet their basic needs, families need an income of $113,737, meaning the average income surpasses the required income by 110.94%.