Frustratingly Disposable Income In South Carolina Ranks Among The 5 Lowest For States Nationwide
These days what even is disposable income in South Carolina and beyond? It feels like a distant memory for many Americans in this current economy full of raging inflation, stagnant…
These days what even is disposable income in South Carolina and beyond? It feels like a distant memory for many Americans in this current economy full of raging inflation, stagnant wages for many, and home prices through the roof. Yeah I have some gripes, but who doesn't? And I'm certainly not the only one feeling the pinch and struggling with disposable income these days.
Researchers at Captain Experiences recently created a breakdown of the states with the least disposable income. And per their research they determined that the amount of disposable income in South Carolina ranks the 4th lowest nationwide.
Disposable income according to the Oxford Dictionary is "income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.". It can very in areas due to things like cost of living, and interest rates. And of course when prices are soaring the way they are these days, it dramatically cuts into people's disposable incomes.
Disposable Income In South Carolina Ranks 4th Lowest Nationwide
According to the data collected by Captain Experiences the disposable income in South Carolina that residents have, is the 4th lowest amount nationwide. Here were some of the statistics they uncovered related to disposable income in South Carolina specifically:
- After-tax income per capita (adjusted): $50,302
- After-tax income per capita: $47,058
- Before-tax income per capita: $53,618
- Personal taxes paid per capita: $6,560
- Cost of living (compared to average): -6.4%
The three states that fared worse than the Palmetto State? They were Hawaii at 1, Mississippi at 2, and Oregon at 3. In contrast North Carolina ranked 14th on these rankings. Another interesting statistic from this study is that "in 2013, more than two-thirds of Americans estimated they could support a family of four with an annual household income of $75,000 or less". In 2023, fewer than half of those surveyed agreed with that sentiment.
As a single adult I feel that $75,000 would still be pushing it in order to "live comfortably". I don't need to be rolling in it, but simple things like being able to grab coffee out a few times a week, picking up some fresh flowers at the grocery store, and ordering the wine I want when out instead of the cheapest option seem like realistic goals.
Do you feel stressed when it comes to having disposable income in South Carolina? To me it boils down to the phrase "work to live". So many Americans right now are working day in and day out just to make ends meet, and not even being able to enjoy their downtime due to finances. This impacts not only those individuals but a wide array of business owners who depend on people coming in and spending money.
I don't pretend to have the answers or know what needs to be done. But I do know something is going to have to change. So many people's lives and livelihoods depend on it. And no one wants to or even can keep living like this.
You can read the full study and methodology from Captain Experiences here.
Here’s How Much Money It Takes To Live Comfortably In The 5 Major North Carolina Cities
It's hard to not be stressed or depressed about money these days. Prices have skyrocketed and I often joke that the value of everything seems to have gone up- except me. But goods and services don't tell the entire pictures when it comes to cost of living. So how much money does it take to live comfortably in each of the major cities? A lot. The financial experts at Smart Asset recently conducted a study about the salary needed to live comfortably in cities across the country.
How Much Money It Takes To Live Comfortably
Smart Asset recommends a budget they describe as the 50/30/20 budge. This means that 50% of your salary should go to to needs. They include costs such as housing, transportation, and groceries in this category. The 30% is allocated to entertainment and hobbies. While the final 20% should be used to pay off debt, or if you're lucky enough to be debt free saving or investing.
So to conduct this study they took the "local cost of necessities and taxes" and factored it into the 50/30/20 budget to determine the "pre-tax salary needed to live comfortably" in the 99 largest U.S. cities. They found that $96,500 is the amount needed for an individual to live comfortably in a major U.S. city. 5 North Carolina cities were included in this study. The five largest in the state- Charlotte, Raleigh, Greensboro, Durham, and Winston-Salem. When it comes to the amount of money it takes to live comfortably in North Carolina cities, only two were less than average. I thought the south was supposed to be cheaper!
These days it truly feels like most people are living paycheck to paycheck or at least not able to save significant money. Even though when it comes to salary people are making higher than they have before that money doesn't go near as far as it did even a few years ago. Keep reading to see how much money it takes to live comfortably in each of the 5 largest North Carolina cities. Don't say I didn't warn you though, it may sting a little!
Read the full study from Smart Asset here.
Winston- Salem
According to this data the most affordable North Carolina major city to live in is Winston-Salem. This Triad city is the fifth most populous in the state. It features a vibrant downtown, historic sites including Old Salem, and lot's of character and charm. It's the home of Wake Forest University, and provides easy access to other areas of the state as well.
Hourly Wage Needed For A Single Adult: $39.36
Salary Needed For A Single Adult: $81,869
Total Salary Needed For Two Working Adults And Two Children: $194,605
Greensboro
Amy Sussman/Getty ImagesStaying in the same area the next city on this list is Greensboro. It's slightly more expensive than Winston and located in Guilford County. Greensboro is the third most populous city in the state.
Hourly Wage Needed For A Single Adult: $41.88
Salary Needed For A Single Adult: $87,110
Total Salary Needed For Two Working Adults And Two Children: $203,674
Durham
We now move to the Triangle. The third most expensive city to live in is Durham. The city offers lots of great jobs in tech and is home to Duke University. Downtown Durham has lots to offer from breweries and restaurants, to sports, arts, and entertainment.
Hourly Wage Needed For A Single Adult: $47.62
Salary Needed For A Single Adult: $99,050
Total Salary Needed For Two Working Adults And Two Children: $233,043
Charlotte
No Charlotte doesn't require the largest salary much to my surprise. The largest city in the state is the 2nd most expensive. And that hourly wage? I don't know many people making that.
Hourly Wage Needed For A Single Adult: $48.72
Salary Needed For A Single Adult: $101,338
Total Salary Needed For Two Working Adults And Two Children: $235,123
Raleigh
Which means the city where it takes the highest amount of money to live comfortably? The state capitol of Raleigh. Though it was a close race and fair to say the cost of living is fairly comparable between Charlotte and Raleigh. But hey if they want to win this one I'm ok with it since it impacts my bank account!
Hourly Wage Needed For A Single Adult: $49.40
Salary Needed For A Single Adult: $102,752
Total Salary Needed For Two Working Adults And Two Children: $235,872
