Econontersect: The minimum required income for a family of four averaged $58,000 in a national poll conducted in April by the Gallup organization. The poll covered more than 2,000 randomly selected adults (18 and older) from all 50 states and the District of Columbia. The results varied with region of the country, income of the respondent and whether the residence was rural, urban or suburban. A telling statistic reflecting upon the diversity of opinion is the significant difference between mean (average) of $58,000 and median (mid-point reponse), which was $50,000. That indicates the distribution of answers was not balanced, with a long tail of responses to higher incomes.
The latest U.S. median household income from Sentier Research, estimated from U.S. Census Bureau data, has been reported by Doug Short at Advisor Perspectives to be $51,300. Thus more than half the people in the U.S. think the minimum sufficient income is more than they make. While the sample taken below $30,000 is taken in a group which may have respondents above the government designated poverty level ($23,550 for a family of four), the $30,000 sampling category cutoff is considerably below the “near poverty” level of $35,325 for a family of four. Near poverty incomes are up to 150% of the poverty line.
Sources:
- Americans Say Family of Four Needs Nearly $60K to “Get By” (Lydia Saad, Gallup Economy, 17 May 2013)
- Real Median Household Incomes: Up $69 in March But Down $13 Year-over-Year (Doug Short, Advisor Perspectives, 24 April 2013)
- 2013 Poverty Guidelines (U.S. Dept. of Health and Human Services, 24 January 2013)
