How much money do you need to survive?
October 4, 2011
How much income does one need to earn in San Luis Obispo County to be self-sufficient? A lot more than just three years ago, apparently.
A gross salary of about $2,220 a month buys a single person living in this county that self-sufficiency status, according to the results of a study just released by the Oakland-based Insight Center for Community Economic Development.
Insight’s report is hardly encouraging: the cost of living in California has risen by double-digit figures since 2008. A detailed, county-by-county breakdown of income needs also suggests that a single parent with two children in preschool will earn $5,346 monthly to be self-sufficient. A family with one adult and one preschool child needs $4,063, or two teenagers, $5,893. Two adults and a teenager require a minimum income of $3,611.
Authors of the report said their research measured how much is needed by families of different compositions in order to meet “minimal basic needs.” Factors included in the report’s preparation included estimates of costs of housing, food, child care, medical expenses, transportation and other necessary spending.
Taxes, the report found, reflect the biggest jump in cost-of-living hikes for individuals.