On the ground here we were at 3 typical incomes to make basic bills in Jan 2022. As of this month we're solidly at 4 incomes to meet those same bills. Most of that jump occurred this year.
US household median income is about $71k/year. You're saying you need $280k to meet basic bills?
Perhaps by "typical" you meant something closer to "near minimum" ?
OTOH, the median is the number for which half the households in the country earn more and half earn less, and whatever the merits of the mode might be, I still think that's a fairly significant value too.
I'm not pitting it against BoL Statistics metrics. I use it to better communicate how the largest swath of the public experiences the economy.
The actual mode is going to be a single number, not a range, and it will correspond to very few people's incomes. To be usable in the way you mean, you need to add a range to it, and the size of that range is up for debate (mode +/- 1000? 2000? 10,000 ? etc)
I get that. However, that income doesn't reflect the largest bracket of the working population.
It isn't because so few employers pay that. The most available rate of pay would be closer to 10 or maybe 12 an hour.
Yes.
> are you or people you know taking multiple jobs
That would work too, providing there enough hours in the week to work 4 full time jobs. One person earning 4x a typical income would also be able support themselves.