Did you know that 15 dollars an hour is the living wage in the United States? That’s right if you make 15 dollars an hour or more, you “should” be able to live comfortably without having to worry about whether or not you can afford to pay your bills.
This article will discuss what a living wage is and how it is calculated. We will also talk about why 15 dollars an hour is the magic number for a living wage in America.
What do you think could you live off $15 dollars an hour?
15 Dollars An Hour Is How Much A Year?
Fifteen dollars an hour is equivalent to approximately $30,000 a year. This means that if you work 40 hours per week for 50 weeks out of the year (allowing two weeks off for vacation), you will make 15 dollars an hour or more and be able to live comfortably in America.
What is a living wage?
A living wage is the minimum amount of money that a person needs to afford basic necessities like food, clothing, and shelter.
It also accounts for things like utilities and healthcare costs as well as transportation expenses such as car insurance or public transit passes if applicable to your situation.
Why 15 dollars an hour?
The 15 dollars an hour living wage was calculated by MIT’s Living Wage Calculator, which considers the cost of rent, transportation, food, and other necessities.
Fifteen dollars an hour is roughly equivalent to $30k/year before taxes; this means that if you work 40 hours per week for 50 weeks out of the year (allowing two weeks off for vacation), 15 dollars an hour or more and be able to live comfortably in America.
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How Much Is $15 An Hour Per Day?
How much will you make in a day if you make $15 a day? It all depends on how many hours a day you work. If you work 8 hours a day, $15 per hour means 8×15 = 120.
If you work for 10 hours, then it will be 10×15= 150.
If you work for 12 hours, it will be 12×15= 180.
So, in short, if you make 15 dollars an hour or more, you should be able to live comfortably without having to worry about whether or not you can afford to pay your bills. Or that’s the hope anyway.
$15 an hour is how much a day?
So the answer is $120 if you work for 8 hours and earn fifteen dollars hourly rate.
How Much Is $15 An Hour Per Week?
$ 15 an hour means $ 15×40 hours=$ 600.
What do you think, is $600 a week enough to live off of? This is the amount that you will earn in a week if your hourly rate is 15 dollars and you work for 40 hours in total. And remember, this number is pre-tax, which means that taxes have yet to be taken out.
$15 an hour is how much a week?
Your take-home pay for working 40 hours a week is $600.
How Much Is $15 An Hour Biweekly?
Let’s take your weekly income from about $600 and double it to figure this out.
$600 X 2= $1200
Most of us get paid biweekly. So if you make 15 dollars an hour, your biweekly paycheck will be $1200 before taxes are taken out.
You can also calculate your biweekly pay by taking $15 and multiplying it by the number of hours you have worked in the past two weeks. This is a great idea for those of you who work more or less than the regular 40-hour workweek.$15X80= $1200
$15 an hour is how much biweekly?
The answer is $1200 if you work for 80 hours and earn fifteen dollars hourly rate.
How Much Is $15 An Hour Per Month?
$ 15 an hour means $ 15X160 hours=$ 2400.
This is the amount that you would earn in a month if your hourly rate is 15 dollars and you work for 160 hours in total.
What do you think is $2400 a month enough to live off? Would you be able to pay for all of your bills and spending with this monthly pay?
$15 an hour is how much a month?
If you make $15 an hour and your hours worked in a month are 160, you will make $2400 a month.
How Much Is 15 Dollars An Hour Annually?
$15 an hour means $ 15X2000 hours=$ 30,000 per year.
This is the amount that you will earn in a year if your hourly rate is 15 dollars and you work for 2000 hours in total.
What do you think is $30,000 annually enough to live off of comfortably? With this wage, will you be able to afford housing, food, transportation, and other bills?
$15 an hour is how much a year?
If you make 15 dollars an hour and your hours worked in a year is 2000, you will make $30,000 before taxes are taken out.
Is $15 An Hour Good?
Making 15 dollars an hour or more is a great way to ensure that you can live comfortably.
However, 15 dollars an hour is not a living wage everywhere in the United States. In areas like New York City, DC, San Francisco, and other big cities.
The bigger the city you live in, the harder it will be to live off 15 dollars an hour comfortably.
This means that if you work in one of these cities and make 15 dollars an hour, you will likely struggle to pay your bills each month.
Nonetheless, 15 dollars an hour is agood start. Fifteen dollars an hour will help you save money, pay your bills and even start to build wealth in some areas of the United States.
Can You Live Off Of 15 An Hour?
Yes, 15 dollars an hour is enough to live off of in many parts of the United States. 15 dollars an hour may be enough to live off of if you have no children or other dependents and are single.
This is because 15 dollars an hour equals $30,000 a year before taxes are taken out. If you can afford housing that costs less than $600 a month, your 15 dollar livable wage may be sufficient for you to pay all of your bills.
You can also use 15 dollars an hour as a base salary for working full-time at a part-time job. Fifteen dollars an hour will allow you to make some money on the side, without working too many hours.
Tips For Living On $15 An Hour
Do you make fifteen dollars an hour, but it just doesn’t seem to be enough?
Here are a few tips for living off a low income.
Find a side hustle
If $15 an hour is not enough to live off of in your area, start a side hustle!
If you have a hobby you enjoy find a way to start making money from it. It doesn’t have to be anything glamorous. Even just a little bit of extra cash helps.
Some of my favorite money-making sides hustles you can do at home in your free time include; making printables, pet sitting, flipping furniture, freelance writing, and blogging.
Keep track of your expenses
$15 can go a long way if you keep track of your money. Grab our free expense tracker and start keeping track of the money coming in and going out of your bank account. Then cut spending where you can.
Budget your money
Budgeting allows you to cut costs on things you don’t need and buy something you actually want and need. Write out a budget and stick to it! Start with our free budget binder if you don’t know how to budget.
Live with roommates
This one is a no-brainer! Living with roommates can help you split the cost of rent, food, and other bills. If you don’t have a family yet, consider sharing your space. Or rent out one of your extra rooms or unique spaces.
Pay off debt
If you have debt start paying it off! 15 dollars an hour can go a long way if you put it towards your debt. Consider using a debt snowball or avalanche to get rid of your debts as fast as possible. Also, make sure to grab our free debt payoff printable.
Save for emergencies
Emergencies happen, and you don’t want to be caught without any money when they do. Fifteen dollars an hour can be enough to live off if you have an emergency fund.
If 15 dollars an hour is not enough for you to build up a three-month emergency fund, start small with $1000 in your savings account. This money should only be used for emergencies!
How Your Yearly Pay Compares With Others
How would you compare to others if you made fifteen dollars an hour?
According toeconomic data, the median income in 2021 is $51,500 a year. Therefore if you make an annual salary of $30,000 a year, you make roughly $20,000 less than the median household.
So what do you think? Are you content with an hourly wage of $15 an hour?
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How To Increase Your Income If $15 An Hour Is Not Enough
If 15 dollars an hour is not enough for you to live off of, don’t worry! There are plenty of ways to increase your income.
I consider myself the queen of finding ways to make more money! So if you aren’t pleased with making a yearly salary of $30,000, let’s make more.
Here are a few tips:
Ask for a raise
Have you tried asking for a raise? If you enjoy your job but need more money, ask for a raise. If they can’t give you one, and you are a hard worker, it might be time to move on.
Get a better paying job
If 15 dollars an hour is not enough, start looking for a new job that pays more. You may have to switch careers or industries, but it will be worth it in the end. Start by looking at job postings on Indeed.com or Monster.com. Then submit your resume!
Start your own business
You can also look into starting your own business. This may require a little more up-front cost but could be more lucrative in the long run.
Now I’m not saying you have to come up with some big grand business idea. If you are looking to make an extra $500-$1000 a week, it can be done.
Start a side hustle or two
Do you have something that you are passionate about? Whether it’s singing, woodwork, animals, video games. You name it. There is a way to make money off of what you are passionate about.
The best part about doing something you are passionate about is you’ll never have to “work” a day in your life.
$15 An Hour Jobs
There are plenty of jobs that pay 15 dollars an hour.
For example, if you have a high school diploma or GED and can pass a drug test, consider working in retail.
You may also find 15 dollar hourly jobs in the following industries:
– Home health care
– Personal assistant
– Janitorial services
This list is not exhaustive, so if you don’t see your dream job on this list, start looking elsewhere.
Jobs that pay more than 15 dollars an hour
There are plenty of jobs that pay more than 15 dollars an hour. Maybe your hourly wage is $15 an hour already. What’s next?
For example, if you have a college degree, consider working in the following industries:
Bill Gates is one of the richest men globally, and he doesn’t have a college degree. Suppose you don’t have a college degree; that is fine too. If you have an entrepreneurial spirit, the sky is the limit.
$15 An Hour Is How Much A Year- Final Thoughts
There are plenty of ways to make more money, and I want to help you do just that! So, are you content with making 15 dollars an hour? If not, start by implementing some of the tips I’ve shared.
Please share it on social media using the buttons below if you enjoyed this post. Also, follow me on Pinterest for more money-making tips!
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With 52 weeks in the year, that means you work a total of 2,080 hours per year. Therefore a person making $15 an hour would make about $31,200 per year.Is $15 an hour enough to live on? ›
At this point, $15 is the wrong number to focus on. The average apartment rent is 36% higher than it was in 2012. The cost to a worker for family health coverage is 48% more. “In most of the country,” says Rolf, “$15 an hour wasn't enough to live on then, and it's not enough anywhere in the country now.”What is $15 dollars an hour in a year? ›
Based on a standard work week of 40 hours, a full-time employee works 2,080 hours per year (40 hours a week x 52 weeks a year). So if an employee makes $15 an hour working 40 hours a week, they make about $31,200 (15 multiplied by 2,080).How to budget $15 an hour? ›
- Housing: 35%
- Savings: 10%
- Transportation: 15%
- Debt: 15%
- Other Living Expenses: 25% (vacation, eating out, clothing, etc.)
$50,000 per year is approximately $24.04 per hour, but it's not as simple as it may seem to convert annual salary to hourly pay. Information is accurate as of Feb. 15, 2023.Can you live off of $15? ›
But even at $15 an hour, life doesn't get a whole lot easier. Two adults who work 40 hours a week each and earn $15 an hour make $62,400 before taxes. That's below what the Economic Policy Institute calculates as a living wage for most of the country.What is considered a livable wage? ›
California. The livable wage in California is $21.82 per hour, making it the fifth highest livable wage in the US. California's high livable wage can be attributed to its high cost of living, especially in major cities such as San Francisco and Los Angeles.What is my monthly income if I make 15 an hour? ›
$15 an hour is how much a month? If you make $15 an hour, your monthly salary would be $2,600.How much is 30k a year hourly? ›
An annual salary of $30,000, working 40 hours per week (assuming it's a full-time job of 8 hours per day), will get you $14.71 per hour.How much is 60k a year hourly? ›
How Much an Hour Is $60,000 a Year? Assuming that you work 40 hours a week, 52 weeks per year, you will be working 2,080 hours per year — this means your hourly rate would be $28.85 for a salary of $60,000 a year.
The national mean salary in the United States is $56,310 according to the National Compensation Survey. That works out to be $27 per hour. So in order to be above average, you have to earn more than $28 per hour. Why not be way above average and find a job that pays $30 more than the average hourly salary?How many Americans make under $15 an hour? ›
Even after the rapid inflation of the past 18 months and the recent unprecedented wage growth for lower-wage workers, 21 million workers are still paid less than $15 per hour.How much money a week is $15 an hour? ›
$100,000 is $48.08 an hour without vacation time.
If you work a full 40-hour week for 52 weeks, that amounts to 2,080 hours of work. So $100,000 a year in income divided by 2,080 is a $48.08 hourly wage.
$70,000 a year is how much an hour? If you make $70,000 a year, your hourly salary would be $33.65.How much is a $2 raise per year? ›
A $2 raise is a $4,160 raise in pay for the year, if you are paid for a 40-hour work week, and work 52 weeks out of the year.Can one person live off of $1000 a month? ›
Bottom Line. Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.Is $2000 a month enough to live off of? ›
Yes, it is possible to live on $2000 a month. But, it depends on several factors such as the cost of living in your area, your lifestyle, and expenses. High expenses, such as supporting dependents, paying for medical bills, or living in an expensive city, can make it difficult to live on $2000 a month.How to live off a small salary? ›
- Look for free and low-cost activities. ...
- Ask for a raise. ...
- Start a side hustle. ...
- Replace costly habits with inexpensive ones. ...
- Plan sequenced reward opportunities. ...
- Create accountability. ...
- Seek out low-cost alternatives to your hobbies.
South Dakota has the lowest living wage for individuals, requiring $13.87 an hour, or $28,853 a year. The state's housing costs are among the lowest in the nation, setting an individual back $6,784 a year. A family of four with two working parents will spend $9,639 a year on housing and $15,000 on childcare.
For Americans ages 25 to 34, the median salary is $1,003 per week or $52,156 per year. That's a big jump from the median salary for 20- to 24-year-olds. As a general rule, earnings tend to rise in your 20s and 30s as you start to climb up the ladder.What salary is needed to live comfortably in USA? ›
But SmartAsset found that salary requirements for a comfortable life, averaged across the nation's 25 costliest cities, are now $68,499, compared with $52,686 in 2022.Is $15 dollar an hour good? ›
For most locations in the United States, a $15 per hour starting wage is still considerably above the federal minimum wage. However, there are many jobs that start at $15 without requiring an extensive education to qualify.How much do I make biweekly at 15 an hour? ›
|$15 per Hour – Full Time||Total Income|
|Yearly Salary (50 weeks)||$30,000|
|Monthly Wage (173 hours)||$2,600|
|Weekly Wage (40 Hours)||$600|
|Bi-Weekly Wage (80 Hours)||$1,200|
$15 an hour times 80 hours bi-weekly equals $1,200 salary every two weeks.Can I afford a house making 30k a year? ›
If you were to use the 28% rule, you could afford a monthly mortgage payment of $700 a month on a yearly income of $30,000. Another guideline to follow is your home should cost no more than 2.5 to 3 times your yearly salary, which means if you make $30,000 a year, your maximum budget should be $90,000.Can a single person live off 30 000 a year? ›
Yes, You can! You typically can get by on $30,000 in annual take-home pay. But you would probably live more comfortably on that money in Kansas than in New York City—given the much lower cost of living. Still, it usually can be done no matter where you live.Is 30k a year middle class? ›
As of 2022, Pew identified a middle-income household as anywhere between $30,000 (for a single adult) to $67,000 (for a household of five).What is 80 000 a year hourly? ›
$80,000 is $38.46 an hour without vacation time.
If you work a full 40-hour week for 52 weeks, that amounts to 2,080 hours of work. So $80,000 a year in income divided by 2,080 is a $38.46 hourly wage.
How much of a home loan can I get on a $60,000 salary? The general guideline is that a mortgage should be two to 2.5 times your annual salary. A $60,000 salary equates to a mortgage between $120,000 and $150,000.
|OCCUPATION||2022 MEDIAN PAY||PERCENTAGE INCREASE OVER NATIONAL MEDIAN|
|Computer and Information Systems Managers||$164,070||254.30%|
|Architectural and Engineering Managers||$159,920||245.30%|
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 ...Is $20 an hour enough to live on? ›
At this $20 hourly wage, you are close to double the minimum wage. Things should be easy to live off this $20 hourly salary. However, it is still below the median income of over $60,000 salary. That means it can still be a tough situation.How old is the average minimum wage worker? ›
|Age group||Share of low wage workers|
|16 to 24 years||44.3%|
|25 to 34 years||24.6%|
|35 to 44 years||10.7%|
|45 to 54 years||8.9%|
While 20 percent of working families earning the $7.25 minimum wage or below live in poverty, 13 percent of families with a worker earning up to $12 per hour live in poverty and 5 percent of families of with a worker earning up to $16 per hour live in poverty.Can you live off 14 an hour? ›
Is $14 an Hour Good Pay? You can make $14 an hour work if you're frugal. If you can rent with roommates, share the utility costs, and keep food costs at approximately 10 percent of your monthly income, you should have enough to cover the basic cost of living and even saving 10 percent each month.How much is $35,000 a year per hour? ›
By dividing a $35,000 annual salary by the 2,087 hours representing a full year's work, $35,000 a year will earn you about $16.77 per hour.How much is $15.50 an hour 40 hours a week? ›
$15.50 an hour is $31,000 a year in annual income.
If you earn an hourly wage of $15.50 an hour and work for an average of 40 hours a week for 50 weeks a year, you'll earn a yearly salary of $31,000. The calculation assumes 50 work weeks with an average of two weeks of holidays in a year.
If you make $200,000 per year, your hourly salary would be $96.15.
$120,000 is $60.00 an hour.
$60.00 is the hourly wage a person who earns a $120,000 salary will make if they work 2,000 hours in a year for an average of 40 hours per week, with two weeks of total holidays.
If you make $40 an hour, your yearly salary would be $83,200.Is 30 dollars an hour a good salary? ›
The average income per individual in the US is $35,384 per year, but the median income in the US is $64,994, which is right around the 30-dollar-an-hour mark. Since 30 dollars an hour is above the average income per individual, it's a livable wage, but it depends on a few factors.What is 85k a year hourly? ›
If an employee works full-time, 40 hours a week, then $85,000 a year comes out to $40.87 per hour, and $7,083 per month.How much is 27 dollars an hour annually? ›
$27 an hour is how much a year? If you make $27 an hour, your yearly salary would be $56,160.Is $1 raise worth it? ›
While $1 may not seem like much, it can add up to a lot over time. If you can get a raise larger than $1, you'll see your lifetime earnings go up even more. That's why a promotion or raise can make a difference in your finances.
Standard pay increases range from 3% (average) to 5% (exceptional). Asking for a 10% to 20% increase, depending on the reason, is a way to open negotiations. Knowing how to ask for a raise and when is critical. Ask for a raise at an appropriate time, such as after a strong quarter or positive performance review.Is 3 dollars a good raise? ›
Companies typically offer employees a 3-5% pay increase on average. Even if this range doesn't seem like a reasonable raise to you, keep in mind that consistent wage increases can add up over time, providing you with a higher income than what you received when you started at the company.Is $18 a livable wage? ›
“Clearly, $18 an hour is not a living wage for most people in California unless they're single and in a very specific part of the state,” Bahr said. “We're under no illusions about the cost of living here.” The MIT Living Wage Calculator removes any such illusions.Can you live comfortably with minimum wage? ›
According to a 2021 report from Drexel University, individuals working full-time at minimum wage cannot afford the above mentioned basic necessities in any location across the country. The bottom line: For most people, earning $7.25 an hour doesn't cut it as providing a living wage.
The minimum wage does not provide a living wage for most American families. A typical family of four (two working adults, two children) needs to work nearly two full-time minimum wage jobs each (a 77-hour work week per working adult) to earn a living wage.How much money do you need to live comfortably without working? ›
Using the 4% rule to estimate how much money you need to never work again involves knowing how much you plan on spending that first year or retirement. For example, if you want to spend $200,000, the math is $200,000/. 04 = $5,000,000. Another way to calculate this is that you would need 25x your annual spending rate.What salary allows you to live comfortably? ›
The data used in the study analyzed the cost of living in each city as of 2022. For California cities like Los Angeles, Berkeley and San Diego, a single person must make more than $76,000 to “live comfortably,” the data shows.How much is $45000 a year per hour? ›
A salary of $45,000 a year is equivalent to $22.06 an hour.Is $30 an hour good? ›
The average income per individual in the US is $35,384 per year, but the median income in the US is $64,994, which is right around the 30-dollar-an-hour mark. Since 30 dollars an hour is above the average income per individual, it's a livable wage, but it depends on a few factors.Who has the highest minimum wage? ›
Minimum wage workers in Seattle earn the most.
No city in our study has a higher statutory minimum wage than Seattle, where minimum wage workers earn $18.69 an hour. But Seattle is also among the highest cost-of-living cities in our study.
What is the average salary in USA 2023? The average salary in USA per month or year varies widely across industries, jobs, age, experience & education, and geographical locations. According to the latest figures by the Bureau of Labor and Statistics, the average salary in USA per month is $6,228 or $74,738 per year.What is the highest paid minimum wage state? ›
- Washington: $15.74. Living wage: $19.58.
- California: $15.50. Living wage: $21.24.
- Massachusetts: $15. Living wage: $21.35.
- New York: $14.20. Living wage: $21.46.
- New Jersey: $14.13. Living wage: $18.71.
Again, living expenses vary significantly by location, but we can use some average numbers. The average monthly living expenses for a single person in the USA are $3,189, which is $38,266 per year. The average cost for a family of four is $7,095 per month, which is $85,139 per year.How many Americans live on minimum wage? ›
There are at least 1.1 million Americans (or 1.4% of all hourly paid workers) who earn less than or equal to the federal minimum wage as of 2021.
Federal minimum wage is still $7.25, but more than 20 states will increase minimum wage in 2023. California has the highest minimum wage. Georgia and Wyoming have the lowest minimum wage.What to do if you don't want to work anymore? ›
- Check in with your mental health. ...
- Reflect on the source of your feelings. ...
- Envision your ideal life. ...
- Make time for breaks. ...
- Adjust your daily habits. ...
- Explore different careers. ...
- Give yourself rewards. ...
- Save up to take time off.
Most workers dream of the day when they no longer have to work, either by striking it rich or retiring with a hefty amount of money in their accounts. As it turns out, you can live without a job and be ok! In fact, many people do it! It's just a matter of putting the right plan in place.Is $100 a day livable? ›
100 dollars a day may not be enough for some people out there, but for majority of the people it can be a full time living!