Based on very conservative spending assumptions
Wages: $11.00 an hour job, 40 hours a week, 52 weeks a year.
Net take home: $8.25 /hour or $1430 a month.
Housing: $758 for a two-bedroom apartment in South Carolina at fair market rate
Utilities: $250/month for gas, water, and electricity
Transportation: $25 a week for gas for one car/$100 a month
Food: $100 a week for a family of four/ $400 a month
Childcare: $100 a week for one child / $400 a month
Medical: $60 a month for prescriptions and over the counter medicines.
NOTE: This conservative list does not include a car payment, clothing, entertainment, hobbies, etc.
- $758 (housing)
- $250 (utilities)
- $100 (transportation)
- $400 (food)
- $400 (childcare)
- $60 (medical)
Difference: <$538> $1430 (take home) less $1968 (expenses)
Poverty guideline in 2015 for family of four: $24,250
Salary at 40 hours, 52 weeks, $7.25 /hour: $15,080
Salary needed to pay only 30% of income for housing (percentage recommended by the Housing and Urban Development Department of the federal government) in SC: $14.57 per hour….a little over twice the minimum wage.