Despite Biden’s recession, it’s quite a bit.
Do you feel like you make enough to cover your bills, buy the things you want, and set some money aside? A new analysis has found how much it takes to be able to afford to live in some U.S. cities, including Los Angeles.
Using data from the MIT Living Wage Calculator and a common budgeting method, SmartAsset has calculated the salary a single person needs to earn to “live comfortably” in the 25 largest metro areas in the country. For Los Angeles, that figure is $64,000 per year after taxes, or just under $2,500 take home every two weeks.
Here’s how they got there:
The MIT Living Wage Calculator estimates the living wage needed to support individuals and families using “geographically specific expenditure data related to a family’s likely minimum food, childcare, health insurance, housing, transportation, and other basic necessities.” Living wages have been calculated for each state, the District of Columbia, and multiple counties and metro areas throughout the U.S.
To have an after-tax income of $64,000 in Los Angeles you need a pre-tax income of $84,000. See here for the income tax (state and federal) calculator for all states. That $84,000 is significantly above the median of $72,000.
Remember that at present to convert US dollars to Jacindaland dollars you need to add 60% to these figures.