Living Wage Calculation for Shelby County, Tennessee
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 3 Children | |
| Living Wage | $15.37 | $23.89 |
| Poverty Wage | $6.19 | $7.46 |
| Minimum Wage | $7.25 | $7.25 |
What is a good salary in Memphis TN?
A good salary in Memphis, TN is anything over $39,000. That’s because the median income in Memphis is $39,000, which means if you earn more than that you’re earning more than 50% of the people living in Memphis. The average salary in Memphis is $47,593. A good hourly wage in Memphis is $18.75 per hour.
What salary do you need to live comfortably in Tennessee?
–A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year. The study examined housing costs, the price of necessities such as food and healthcare, and average incomes among America’s 50 largest cities.
What is a good hourly wage in Tennessee?
$13.90 is the 25th percentile. Wages below this are outliers. $39.10 is the 90th percentile. Wages above this are outliers.
What are Top 10 Highest Paying Cities for Hourly Rate Jobs in Tennessee.
| City | Johnson City |
|---|---|
| Annual Salary | $40,724 |
| Monthly Pay | $3,394 |
| Weekly Pay | $783 |
| Hourly Wage | $19.58 |
What is a living wage in Tennessee?
The values are reported in 2020 dollars. For a full breakdown of the data, click here. Based on MIT’s calculation, the average living wage for a single adult with no children to get by in Tennessee is $13.25. The wage is $6.00 higher than the minimum wage.
What is upper class in Memphis?
The average Memphis income of the top 20 percent is $172,622, with the top five percent income being $335,653.
Is Memphis a poor city?
Poverty Rankings
In 2020, Memphis placed again in the top spot in both overall poverty and child poverty among large Metropolitan Statistical Areas (MSAs) with populations greater than 1,000,000.
What is considered low income in Tennessee?
What is considered low income? What is considered an affordable housing cost* for families? A full-time employee, for example, earning the minimum wage of $7.25/hour in Tennessee (last increase was in 2008) earns $15,080/year – considered very low income if they are a single person household.
What is a good salary for a single person in Tennessee?
While ZipRecruiter is seeing salaries as high as $74,467 and as low as $15,187, the majority of salaries within the Person jobs category currently range between $25,475 (25th percentile) to $39,683 (75th percentile) with top earners (90th percentile) making $54,870 annually in Tennessee.
Is $20 an hour a good wage?
Considering the fact that the majority of working teenagers earn minimum wage (or just over), yes, 20 dollars an hour is a good salary for a teenager. If you are a teenager, there’s a good chance you keep your monthly expenses low by living with your parents.
What is upper class in Tennessee?
The average income of the top 20% comes in at $172,622. For the top 5%, the average income is $335,653. In Music City, the lowest income to be considered “rich” (Top 20%) is $115,609. The average income of the top 20% comes in at $212,201.
How much money does a single person need to live comfortably?
This means a single person needs to make at least $66,434 after taxes to live comfortably. After their basic living expenses are covered, an individual could spend $19,930 on wants and set $13,287 aside for savings or debt paydown.
What is minimum wage in Memphis TN?
$7.25
Tennessee’s minimum wage hasn’t changed since 2009, when the federal minimum wage changed to $7.25. Someone working full time on minimum wage would only make about $15,000 a year.
How much is $45 000 a year hourly?
approximately $22.06 per hour
A salary of $45,000 per year is approximately $22.06 per hour, but factors including taxes and benefits will affect annual salary to hourly pay conversions.
What is $20 an hour annually?
$41,600 a year
To figure out how much $20 an hour is per year, multiply $20 by how many hours you work per week. For most full-time jobs, that’s 40 hours per week or 2,080 hours per year, if you don’t take any time off. That means $20 an hour is $41,600 a year.
Is $17 an hour good?
Two people who each work full-time and earn $17 dollars an hour have a net take-home of $4417, which is a pretty solid amount for living well in most places!
What is the richest part of Memphis?
Germantown
Germantown is well-known as the Memphis metro’s most affluent area, and the homes there reflect that wealth.
Where are the nice areas of Memphis?
Best Neighborhoods in Memphis for Families
- Bartlett.
- Cordova.
- East Memphis.
- Germantown.
- River Oaks-Kirby-Balmoral.
Who is the richest family in Tennessee?
Richest billionaires in Tennessee
- #7. Bill Haslam.
- #6. Brad Kelley.
- #5. Jon Yarbrough.
- #4. Jimmy Haslam.
- #3. Martha Ingram & family.
- #2. Fred Smith.
- #1. Thomas Frist Jr & family. – Net worth: $18.2 billion (#91 wealthiest in the world)
- You may also like: Highest earning zip codes in Knoxville metro area.
Is Memphis a Black city?
In Memphis, there are 17 neighborhoods — as defined by census tracts — that are at least 98% Black, and there are five that are at least 90% white, according to 2015-2019 data from the U.S. Census Bureau American Community Survey.
What percent of Memphis is Black?
64 percent
Black people in Memphis are 64 percent of the population. Whites make up 29 percent of the local population.