The current federal poverty level for a family of four is only $23,550 a year, but Americans across the nation say they need more than double that just to make ends meet.
On average, Americans feel they need $58,000 just to get by, according to Gallup's latest poll on perceptions of annual income and necessity. This average reflects the findings that 29 percent of Americans say a family of four needs up to $50,000 in annual income these days, while 47 percent think these families need between $50,000 and $99,999. Ten percent say they need $100,000 or more.
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The poll was conducted in mid-April and includes a random sample of over 1,000 adults across all 50 U.S. states and the District of Columbia.
In comparison, Americans said in 2007 that the smallest amount of money a family of four could live on in their community was just over $52,000.
The perception of the amount of income needed appears to be heavily dependent on the household's own income and location. Adults in households earning less than $30,000 say it takes an average of $43,600, but the amount needed jumps to $55,100 among those earning between $30,000 and $74,000. Households earning $75,000 or more say it takes $69,400 to make ends meet.
Interestingly, Easterners and suburbanites tend to report higher income requirements. People in the East say it takes nearly $69,000 to get by, the highest of any region. Southerners have the lowest minimum at $50,300, followed by Midwesterners with $54,500. People in the West say they need $61,800.
NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Gallup also notes, "Another factor strongly related to perceived income needs is the size of one's community. Suburbanites perceive it takes nearly $75,000 in annual income for a family of four to get by. That's roughly 50 percent more than the $50,100 that residents living in small towns or rural areas estimate is necessary where they live. Similarly, the estimate of adults living in urban areas — either big or small cities — is $53,800. However, suburbanites also report making significantly more in annual income than those in cities or in towns and rural areas. Forty-four percent of those in the suburbs report earning $75,000 or more, compared with about a quarter of city and rural dwellers."
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