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Index: Economy / Subcategory: Individual

Self-Sufficient Wages

Date posted: 12/18/2008

Chart Directory:

The Self-Sufficiency Standard for Colorado 2008 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 70 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 - 2004 & 2008

Annual Income Benchmarks for a Family of Four in Larimer County - 2004 & 2008* Note: The 2004 figure was calculated using the Federal minimum wage of $5.15 per hour, and the 2008 figure was calculated using the Colorado minimum wage of $7.02 per h our. Both figures included the net effect of the addition of the Earned Income Tax Credit and the Child Tax Credit, and the subtraction of taxes.

Data Sources:

See data table

What these data tell us:

The Department of Housing and Urban Development defines 'low income' as 80% of the Median Family Income, or $60,000 (2008) in Larimer County. The Colorado Fiscal Policy Institute's 2008 Self-Sufficiency Standard calculated $55,584 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 $48,670 annually ($23.04 per hour) to be self-sufficient.

A family with two adults working full-time minimum wage jobs would have earned $37,738 in 2008, representing an income increase of $9,544 from 2004, well below the minimum needed to be self-sufficient. However, during the same four year period, the self-sufficiency standard increased by $8,323 offsetting 87% of the income gain.

What this chart shows: Decile Distribution (10 equal groups) of Income: Median & Below, Fort Collins-Loveland MSA - FY2006 through FY2008

Decile Distribution (10 equal groups) of Income: Median & Below, Fort Collins-Loveland MSA - FY2006 through FY2008

Data Sources: United States Department of Housing and Urban Development (HUD) - Estimated Decile Distributions of Family Income for years 2006, 2007 and 2008

See data table

What these 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 2008 estimates, this includes families earning between $27,701 and $53,200 annually.

Additional Information:

On Compass -

Outside Compass -

Standards or Targets:

Colorado Fiscal Policy Institute - The Self-Sufficiency Standard for Colorado 2008: A Family Needs Budget

Data Tables:

Annual Income Benchmarks for a Family of Four in Larimer County - 2001, 2004, 2008

Family of Four:

2 Adults, 1 preschooler,

1 school age child

Full-Time Minimum Wage

Self-Sufficiency Income

80% of MFI

(Low Income)

Median Family Income (MFI)

2001

$29,086

$41,954

$46,550

$58,200

2004

$28,194

$47,261

$53,200

$66,500

2008

$37,738

$55,584

$60,000

$75,000

See chart

Fort Collins-Loveland MSA Income Distribution by Deciles, 2001-2008

Deciles (10%)

2001

2002

2003

2004

2005

2006

2007

2008

1st

$19,894

$20,783

$24,000

$24,600

$25,500

$25,300

$25,100

$27,700

2nd

$30,528

$31,892

$35,800

$36,700

$38,000

$37,700

$37,500

$41,200

3rd

$39,367

$41,126

$46,100

$47,300

$49,100

$48,700

$48,400

$53,200

4th

$48,536

$50,704

$55,300

$56,800

$59,150

$58,700

$58,300

$64,100

Median

$58,200

$60,800

$64,800

$66,500

$69,200

$68,600

$68,200

$75,000

6th

$67,891

$70,924

$75,900

$77,900

$80,750

$80,100

$79,600

$87,500

7th

$79,627

$83,184

$89,800

$92,100

$94,550

$93,800

$93,200

$102,500

8th

$93,744

$97,932

$106,900

$109,700

$113,150

$112,200

$111,500

$122,600

9th

$119,893

$125,249

$136,600

$140,200

$145,950

$144,800

$143,900

$158,200

9.5th

$151,996

$158,786

$182,700

$182,700

$188,650

$187,100

$185,900

$204,500

See chart