To live comfortably and meet a living wage in New Hampshire, a single adult needs to make approximately $49,045 per year before taxes. For a single adult supporting two children, this figure rises significantly to about $111,700 annually before taxes.
Understanding the Living Wage in New Hampshire
Living comfortably implies earning enough to cover essential expenses and afford a reasonable quality of life, including some discretionary spending or savings. This aligns with the concept of a "living wage," which aims to provide sufficient income for basic needs without public assistance. New Hampshire's cost of living varies, and the required income reflects the expenses associated with housing, food, transportation, healthcare, and other necessities.
The following table provides a breakdown of the required annual income for different household compositions:
| Household Type | Required Annual Income Before Taxes | Annual Taxes | Required Annual Income After Taxes |
|---|---|---|---|
| 1 Adult, 0 Children | $49,045 | $6,494 | $42,551 |
| 1 Adult, 2 Children | $111,700 | $13,467 | $98,233 |
Factors Influencing Living Costs
The total income needed is a composite of various essential expenses that contribute to a comfortable lifestyle. These typically include:
- Housing: Rent or mortgage payments, utilities (electricity, heat, water).
- Food: Groceries and occasional dining out.
- Transportation: Car payments, fuel, insurance, or public transit costs.
- Healthcare: Insurance premiums, co-pays, and out-of-pocket medical expenses.
- Childcare: A significant expense for households with children, covering daycare or other care arrangements.
- Other Necessities: Personal care items, clothing, and household supplies.
- Taxes: Federal, state (where applicable, though NH has no state income tax on wages), and local taxes.
Breaking Down the Costs
For a single adult in New Hampshire, the required annual income after taxes of $42,551 is allocated across these categories to meet a baseline of comfort. When children are added to the household, the expenses for food, healthcare, and particularly childcare escalate, leading to a much higher overall income requirement. The figures provided are calculated to cover these fundamental costs, ensuring that individuals and families can maintain a decent standard of living.
What Does "Comfortably" Entail?
Earning a living wage in New Hampshire means more than just surviving; it allows for:
- Financial Stability: The ability to pay bills on time and avoid debt.
- Basic Security: Access to adequate housing, nutritious food, and necessary medical care.
- Modest Discretionary Spending: The capacity for occasional leisure activities or small savings towards future goals.
Understanding these figures helps individuals and families plan their finances and career goals to achieve a comfortable life in the Granite State.
