Hit with high inflation — especially on basics such as food, clothing, and fuel — families believe they need an income of at least $85,000 just to “get by,” nearly triple the federal poverty rate and way more than the $58,000 they needed just 10 years ago.
Families of four told Gallup the poverty rate of $30,000 doesn’t cut it anymore and that those who make $100,000 or more say that’s their get-by floor.
“Americans' perceptions of the minimum income a family of four needs are influenced by their own financial circumstances. Specifically, those with an annual household income of $100,000 or more project $100,000, on average, as necessary for a family to get by. Middle-income respondents, those with between $40,000 and $99,999 in annual income, estimate a family needs about $80,000. Meanwhile, those earning less than $40,000 believe an income of about $66,000 suffices,” Gallup said.
And it’s not just driven by inflation. “In 2013, the average estimate was $58,000, and the federal poverty line for a family of four was $23,550. Accounting for inflation and the subsequent change in purchasing power, Americans’ 2013 estimate translates to $75,668 in 2023 dollars. Their 2023 estimate therefore reflects an increase of about $9,000 in perceived family needs beyond what inflation alone would account for,” the national pollster said.
It also explained why just 18% feel good about the state of the nation, about half the past average, and why President Joe Biden is suffering from some of his worst approval rates ever. The “bottom line,” Gallup said, was that “the rise in perceived necessary income to support a family of four highlights the economic pressure facing American households as high inflation stretches into a second year.”
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