To cover basic living expenses in Burlington, Vermont, a single adult without children needs an hourly wage of at least $24.40, which translates to an annual salary of approximately $50,752.
Understanding the Living Wage
A living wage represents the minimum income necessary for an individual or family to afford the basic necessities of life in a specific location, without relying on public assistance or private charity. This calculation typically covers essential costs such as:
- Housing
- Food
- Transportation
- Healthcare
- Childcare (if applicable)
- Other necessary expenses
It's important to note that a living wage does not typically account for discretionary spending, savings, or unforeseen emergencies. It serves as a baseline for economic self-sufficiency.
Required Salary for Burlington, VT
The exact salary needed varies significantly based on household composition and the number of dependents. For the Burlington-South Burlington, VT area, the estimated living wages for specific household structures are detailed below:
| Household Composition | Hourly Living Wage | Annual Living Wage (40 hrs/week) |
|---|---|---|
| 1 Adult, 0 Children | $24.40 | $50,752 |
| 2 Adults (1 Working), 1 Child | $41.54 | $86,403 |
- These figures represent the minimum hourly wage or annual salary required for a basic standard of living in the area.
Context: Minimum Wage vs. Living Wage
It's crucial to distinguish between a living wage and the statutory minimum wage. While the minimum wage in Burlington is $13.67 per hour, this figure often falls considerably short of what is considered a living wage for many individuals and families. For comparison, the poverty wage in Burlington is $7.24 per hour for a single adult and $12.41 per hour for two adults (one working) with one child. This significant gap highlights the financial challenges individuals and families may face when earning only the minimum or poverty wages, emphasizing the difference between simply earning a wage and earning enough to meet basic needs.
Key Considerations for Living in Burlington
- Cost of Living: Burlington is known for having a relatively high cost of living, particularly concerning housing. This makes a sufficient income crucial for residents.
- Individual Needs: While these figures provide a general guideline, your personal spending habits, lifestyle choices, and specific family needs will ultimately influence the actual income required for your desired quality of life.
- Budgeting: To ensure financial stability, it is advisable to create a detailed personal budget that accounts for all your expenses and income, potentially exceeding these minimum living wage estimates.
