Understanding the “Living Wage” - Charlotte Works (2024)

FAQs

Understanding the “Living Wage” - Charlotte Works? ›

As the table shows, the minimum annual salary needed for a living wage in Mecklenburg County is $39,000 (1 adult, 0 children) and the highest amount needed is $124,114 (1 adult, 3 children).

In Charlotte, an individual must make an annual salary of at least $101,338 — or an hourly wage of $48.72 — to achieve a comfortable lifestyle as defined in the study. That breaks down to nearly $50,700 going toward needs, about $30,400 toward wants and close to $20,300 toward debt/savings.

As of Jul 5, 2024, the average hourly pay for a Hourly in North Carolina is $22.57 an hour. While ZipRecruiter is seeing salaries as high as $38.45 and as low as $15.51, the majority of Hourly salaries currently range between $22.74 (25th percentile) to $25.34 (75th percentile) in North Carolina.

A living wage is an hourly wage rate considered the minimum level to provide the basic essentials of modern living.

According to the report, single adults need about $88,317 to live comfortably and families of four need $200,762.

Homebuyers in Charlotte need to make $111,051 to afford a mortgage, which is nearly double what it was four years ago: Income needed to afford a mortgage in 2024: $111,051. Change in needed income since 2020: $55,239.

In 2023, the federal poverty level definition of low income for a single-person household is $14,580 annually. Each additional person in the household adds $5,140 to the total. For example, the poverty guideline is $30,000 per year for a family of four.

The figure makes clear that location plays an important role in determining a living wage: For a family of two full-time working adults and two children, the living wage in 2022 for one of those adults spans between $18.75 and $40.16 in the lowest and highest cost counties, respectively.

California. California's living wage is $19.41, or $40,371 a year for an individual. A family of four requires $27.42, or $101,378 a year.

What is calculated in living wage? ›

The Living Wage Calculator's estimates are based on the costs of eight components, each of which represents a basic need: childcare, civic engagement, food, health care. housing, internet & mobile, transportation, and other necessities.

The lack of a living wage is inextricably linked to other workplace abuses and labor rights violations. Many workers must work long hours to earn overtime or bonuses and cannot risk taking time off when they are sick. They go to work in unsafe buildings because they cannot afford to stay away.

Living Wages Benefit Employers

Paying a living wage leads to increased worker morale, worker health, and improved quality of service. It also lowers turnover rates, saving money for employers. Economic research shows that higher wages aid in job creation and helps small business.

As of Jul 11, 2024, the average hourly pay for the Chick Fil jobs category in North Carolina is $11.71 an hour.

In North Carolina, an employer MUST pay at least $2.13 an hour to tipped employees as long as each employee receives enough in tips to make up the difference between the wages paid and the minimum wage ($7.25).

A family of four estimated monthly costs are 4,663.2$ without rent. A single person estimated monthly costs are 1,288.6$ without rent. Charlotte is 23.4% less expensive than New York (without rent). Rent in Charlotte is, on average, 48.2% lower than in New York.

The median salary in Charlotte, NC is $52,613, with 80% of salaries falling between $26,100 and $126,636.

The NC middle class

Here's how much you would need to earn to be considered middle class in North Carolina, according to GOBankingRates: 2022 middle-class income range: $44,124 to $132,372.

A family of four estimated monthly costs are 4,663.2$ without rent. A single person estimated monthly costs are 1,288.6$ without rent. Charlotte is 23.4% less expensive than New York (without rent). Rent in Charlotte is, on average, 48.2% lower than in New York.