8/7/2023 0 Comments Redfin flood factor![]() The gap seems to be growing between what Americans earn and what they consider a sufficient income. The Gallup poll, taken in April, found that 30 percent of Americans believe a family needs a six-figure income to “get by in your community.” Only 14 percent of respondents said a household could make do on less than $50,000, and even that threshold is $20,000 higher than the federal poverty line for a family of four, $30,000. “Lockdowns were a sort of existential experience for a lot of people.” Earle, an economist at the American Institute for Economic Research. And I think it’s sort of distorted perceptions about the cost of living,” said Peter C. ![]() “We’re just coming out of this really unusual time when we had pandemic scarcity, we had loss of work. Rising prices prompted an unprecedented run of interest-rate hikes by the Federal Reserve, lifting the benchmark federal funds rate from effectively zero to around 5 percent in little over a year.Īll of this came amid the COVID-19 pandemic, which pushed the nation’s jobless rate close to 15 percent at the height of the national lockdown in 2020. It stands now at 6 percent, according to federal data for the first quarters of 20. Inflation, a negligible factor in recent years, surged to 5 percent in 2021 and 8 percent in 2022. The two releases point to the same conclusion: Many Americans earn too little in 2023 to attain a decent standard of living in their communities.Īmerican households are feeling the pinch after three years of relentless economic headwinds. (That works out to around $85,000 in total income, assuming a 20-percent tax hit.) That finding tracks with a recent study from SmartAsset, a financial technology company, which found the average American worker needs $68,499 in after-tax income to live comfortably. Yet, the average American believes a family needs at least $85,000 in annual household income to get by, according to a recent Gallup poll. family earns about $71,000 per year, according to the Census. ![]() ( The Hill) – An average American income isn’t enough for a comfortable living in 2023, according to two recent reports. ![]()
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