![]() ![]() The same family spends $23,000 on childcare and over $18,000 in taxes. New York's families need $26.50, or $110,225 annually, to provide for a family of four with two working adults. New Yorkers require $20.05 an hour, or $41,700 annually, to maintain a minimum standard of living. The average person in the state will spend at least $16,000 annually on housing, while a family of four will spend over $20,000. New York has one of the highest costs of living for an individual, primarily due to housing costs. Childcare is also costly, setting a family of four back $22,492 a year - more than the same family's annual housing costs. is among the nation's most expensive, costing an individual $18,156 a year. A family of four with two working adults requires $$112,551 annually to maintain a minimum standard of living. The District of Columbia has the highest livable wage for an individual, at $20.80 an hour or $43,258 a year. States with the Highest Living Wage District of Columbia Meanwhile, the living wage for an individual in Washington DC is $20.80 an hour, while the living wage for an individual in Georgia is around $15.99. Wyoming and Georgia tie for the lowest minimum wage at $5.15. The District of Columbia has the highest minimum wage, at $15.20. states currently have a minimum wage above the federal minimum. For workers providing for family members, earnings from a full-time, minimum wage job would fall below the federal poverty line. A full-time worker making the minimum wage would earn $15,000 a year, just slightly above the $13,590 poverty guideline for individuals. Currently, the federal minimum wage is $7.25 an hour. ![]() However, because policy has not kept pace with inflation, the federal minimum wage fails to provide a minimum standard of living in many areas. Congress established the minimum wage in 1938 to provide a living wage. In contrast, a living wage is determined by the costs of covering basic needs in a particular area. The living wage should not be confused with the minimum wage, which is the minimum that an employer, by law, can pay an employee for an hour of labor. Their calculations aim to be holistic and include insurance premiums, healthcare costs, personal care items, and basic broadband and cell phone service, alongside the broader categories such as housing and food. The Massachusetts Institute of Technology's Living Wage Calculator calculates living costs across the United States. ![]()
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