Living Wage Calculator - Living Wage Calculation for New Jersey (2024)

FAQs

What is a livable wage in New Jersey? ›

The federal and state income and payroll taxes are added to the annual family budget less taxes, yielding the total annual family budget needed to meet all basic needs, including tax. The total annual family budget is then divided by the total number of workers in a family.

As of Apr 15, 2024, the average hourly pay for a 150K in New Jersey is $17.56 an hour. While ZipRecruiter is seeing salaries as high as $22.21 and as low as $11.23, the majority of 150K salaries currently range between $13.17 (25th percentile) to $18.32 (75th percentile) in New Jersey.

We've identified seven states where the typical salary for a 130K job is above the national average. Topping the list is New Jersey, with Tennessee and Hawaii close behind in second and third. Hawaii beats the national average by 4.7%, and New Jersey furthers that trend with another $8,283 (6.7%) above the $124,412.

Yes, You can! You typically can get by on $30,000 in annual take-home pay. But you would probably live more comfortably on that money in Kansas than in New York City—given the much lower cost of living. Still, it usually can be done no matter where you live.

An individual needs $96,500, on average, to live comfortably in a major U.S. city. That figure is even higher for families, who need to earn an average combined income of about $235,000 to support two adults and two children.

Living wage refers specifically to the context of hired workers (in factories, on farms, etc.), whereas living income refers to any self-employed income earner, such as farmers.

The real Living Wage applies to all workers over 18 – in recognition that young people face the same living costs as everyone else. It enjoys cross party support. The UK Living Wage for outside of London is £12 per hour. The London Living Wage is £13.15 per hour.

For families in New Jersey, being part of the middle class means earning between $56,409 to $257,572 annually, again depending on your family size. The table below provides a detailed picture of these income ranges for different family sizes, from two-person households to families of four.

What is top 5% income in NJ? ›

New Jersey is one of the eight states (including Washington, D.C.) that require at least $250,000 in income to crack the top 5%, the data shows. The list also includes notoriously pricey places such as California, Connecticut and New York.

The threshold to be a top 1% taxpayer in the Garden State is $825,965. For the top 5%, the lower limit sits at $338,884. New Jersey residents within the top 5% account for 55.60% of the state's income taxes, with the top 1% making up 33.58%.

Given the high cost of living in New Jersey, an upper middle-class income in the state may generally range from around $100,000 to $250,000 or more per year.

In 2020, according to Pew Research Center analysis, the median for upper income households was around $220,000 and the median for middle income households was slightly above $90,000.

For families in New Jersey, being part of the middle class means earning between $56,409 to $257,572 annually, again depending on your family size. The table below provides a detailed picture of these income ranges for different family sizes, from two-person households to families of four.

It's getting more expensive to be considered low-income in New Jersey. A New Jersey family of four in 2018 has to earn $71,900 a year or less to be considered low-income, according to the Department of Housing and Urban Development — an almost six percent increase from last year.

An individual must earn $96,500 a year before taxes to afford housing, groceries, transportation and entertainment, while also paying off debt and putting some money into savings, according to personal finance website SmartAsset.

But just how much does a single person in California need to make to live comfortably? A new study from Smart Asset determined that a person must make at least $ 89,190 to get by comfortably.