CHARLESTON, S.C. (WCBD) – The Massachusetts Institute of Technology (MIT) has developed a Living Wage Calculator that estimates the wages necessary to live in different cities and states.
The calculator takes into account family size, the number of income earners, and typical expenses such as food, childcare, housing, and medical bills.
MIT says that the tool “helps individuals, communities, and employers determine a local wage rate that allows residents to meet minimum standards of living.”
In South Carolina, a single person with no children needs to make about $30,328 annually before tax deductions. This breaks down to about $14.58 per hour, assuming the individual works 2,080 per year.
That number roughly doubles to $62,012 for a single parent of one child, which breaks down to about $29.81 per hour, assuming the single parent is working full time.
If both parents of one child are working, the family of three needs an annual pre-tax income of $67,922 to live in South Carolina.
In Charleston, the necessary pre-tax income for a single person with no children is $34,171 — about 12% more than the state average. That breaks down to about $16.43 per hour.
A single parent of one child in Charleston needs to make $67,162, or about $32.29 per hour. A family of three with both parents working needs to make about $73,073 to live in Charleston.
Click here to see the living wage in your state or county.