Self-Sufficient Wages
Date Updated: 10/31/2011
- Annual Income Benchmarks for a Family of Four in Larimer County, 2011
- Fort Collins-Loveland MSA Income Distribution - Median Income and Below, FY2008 - FY2010
- Annual Self-Sufficiency Income for Colorado's Most Populous Counties, 2011
- Larimer County Self-Sufficient Hourly Wages by Family Type, 2008 & 2011
The Self-Sufficiency Standard for Colorado 2011 calculates the income needed by working Colorado families to meet their basic needs without public or private assistance. The Standard uses a nationally tested model that incorporates the most reliable national and local data available to determine county-specific costs of basic necessities for 152 different family types. The necessary wages defined in the Standard are not luxurious, but they are not so low that they fail to adequately provide for a family.
What this chart shows: Annual Income Benchmarks for a Family of Four in Larimer County - 2011
* Note: The annual minimum wage was calculated using the Colorado minimum wage of $7.36 per hour based on a 40-hour work week/full-time employment and assumes both adults are working. It does not include any applicable tax credits.
Data Sources:
What the above data tell us:
The Department of Housing and Urban Development defines 'low income' as 80% of the Median Family Income, or $61,360 (2011) in Larimer County. The Colorado Fiscal Policy Institute's 2011 Self-Sufficiency Standard calculated $58,232 as the minimum household income necessary for self-sufficiency for a family of four (two adults working full-time, one infant and one preschooler). In contrast, a family with one adult working full-time with one infant and one preschooler would have to earn $55,582 annually ($26.32 per hour) to be self-sufficient.A family with two adults working full-time minimum wage jobs would have earned $30,618 in 2011, representing an income increase of $1,414 from 2008, well below the minimum needed to be self-sufficient. However, during the same three year period, the self-sufficiency standard increased by $2,648 putting low-income Larimer County families further behind.
The problem is even more pronounced for single parents. The self-sufficient standard for one adult, one preschooler, and one school-age child in Larimer County increased 40% over the last decade, from $36,797 in 2001 to $41,435 in 2011. Median wages, on the other hand, have increased only 8%, from $24,034 in 2001 to $25,941 in 2011.
The retail sector employed the highest number of workers in Larimer County in 2010 (See Employment & Average Wages by Industry). The average hourly wage for a retail worker is $11.38, clearly not enough to be self sufficient if you have children living in the home.
Table I: Percent Change in the Self-Sufficiency Standard Over Time, 2001-2011
Larimer County, One Adult, One Preschooler, and One School-age Child
|
Costs |
2001 |
2011 |
Percent Change 2001-2011 |
Statewide Percent Change 2001-2011 |
| Housing |
$704 |
$849 |
21% |
31% |
| Child Care |
$913 |
$1,410 |
54% |
47% |
| Food |
$379 |
$526 |
39% |
38% |
| Transportation |
$225 |
$243 |
8% |
9% |
| Health Care |
$246 |
$369 |
50% |
55% |
| Miscellaneous |
$247 |
$340 |
38% |
37% |
| Taxes |
$516 |
$815 |
58% |
74% |
| Total Tax Credits |
-$163 |
-$267 |
63% |
54% |
|
SELF-SUFFICIENCY WAGE |
||||
| MONTHLY |
$3,066 |
$4,286 |
40% |
41% |
| ANNUAL |
$36,797 |
$51,435 |
||
| LARIMER COUNTY MEDIAN EARNINGS |
$24,034 |
$25,941 |
8% |
13% |
Source: The Self-Sufficiency Standard for Colorado 2011: A Family Needs Budget, Table 3 [pdf]
Data Sources: United States Department of Housing and Urban Development (HUD) - Estimated Decile Distributions of Family Income for years 2008, 2009, and 2010 [pdf]
What the above data tell us:
The Department of Housing and Urban Development's annual report, Estimated Decile Distributions of Family Income, describes the income of households by ranking them (lowest to highest income) and dividing them into ten groups (deciles) of equal numbers of households. In Larimer County, households that are not impoverished, yet are challenged to remain self-sufficient, have incomes that most likely fall within the 2nd and 3rd deciles. For 2011 estimates, this includes families earning between $41,200 and $53,200 annually.Additional Information:
Related Information on COMPASS -
- Bankruptcy and Foreclosure
- Child Care Assistance Program (CCAP)
- Children in Families - Single and Two Parents
- Economy: Business
- Food Stamps
- Free/ Reduced School Lunch
- Low Income Energy Assistance Program (LEAP)
- Median Family Income
- Per Capita Income
- Poverty
- Temporary Assistance to Needy Families (TANF)
Other Resources -
- Colorado Center on Law and Policy - a non-profit, non-partisan organization that advocates on behalf of the poor, working poor and other vulnerable populations.
- Cost of Living Calculator
- Self-Sufficiency Calculator
- United States Department of Housing and Urban Development
Standards or Targets:
Colorado Fiscal Policy Institute - The Self-Sufficiency Standard for Colorado 2011: A Family Needs Budget [pdf]
Data Tables:
Annual Income Benchmarks for a Family of Four in Larimer County
|
Family of Four: |
2001 |
2004 |
2008 |
2011 |
| Federal Poverty Level | $17,650 | $18,850 | $21,200 | $22,350 |
| Full-time Minimum Wage* | $21,424 | $21,424 | $29,203 | $30,618 |
| 50% of MFI | $29,100 | $33,250 | $37,500 | $38,350 |
| Self-Sufficiency Income | $41,954 | $47,261 | $55,584 | $58,232 |
| 80% of MFI | $46,560 | $53,200 | $60,000 | $61,360 |
| Median Family Income (MFI) | $58,200 | $66,500 | $75,000 | $76,700 |
*Based on both adults working full-time. Does not include any applicable tax credits.
Fort Collins-Loveland MSA Income Distribution by Deciles
|
Deciles (10%) |
2006 |
2007 |
2008 |
2009 |
2010 |
|
1st |
$25,300 | $25,100 | $27,700 | $27,700 | $27,600 |
|
2nd |
$37,700 | $37,500 | $41,200 | $41,300 | $41,200 |
|
3rd |
$48,700 | $48,400 | $53,200 | $53.400 | $53,200 |
|
4th |
$58,700 | $58,300 | $64,100 | $64,300 | $64,100 |
|
Median |
$68,600 | $68,200 | $75,000 | $75,200 | $74,900 |
|
6th |
$80,100 | $79,600 | $87,500 | $87,800 | $87,400 |
|
7th |
$93,800 | $93,200 | $102,500 | $102,800 | $102,400 |
|
8th |
$112,200 | $111,500 | $122,600 | $123,000 | $122,500 |
|
9th |
$144,800 | $143,900 | $158,200 | $158,700 | $158,000 |
|
9.5th |
$187,100 | $185,900 | $204,500 | $205,100 | $204,200 |