# 16 an Hour is How Much a Year? Is 16 Dollars an Hour Minimum Wage Rate?

## 16 an Hour as an Annual Salary

So, let’s find out the how to answer: 16 an hour is how much a year? If your making this hourly rate, your annual salary largely depends on how much you work every year. Let’s have a look at the formula:

Annual Income = Hourly Rate * Number of Hours Worked per Year

What would you earn every year if you had a 40 hour workweek 52 weeks a year?

Annual Income = 16 USD / hr * (40 hours per week * 52 weeks)

= 16 USD / hr * 2080 hrs

= 33,280 USD

So working 40 hrs a week at 16 USD per hour would earn you 33,280 USD over the course of the year. That may look like a money, but once you take living expenses into account the picture changes a bit. More on that later.

## Is it Minimum Hourly Wage?

The minimum rate in the US as of 2022 is set at \$7.25 / hour federally, although this number varies wildly from state to state. Here’s a short list of minimum rates in various states:

1. District of Columbia: \$15.2 / hour
2. California: \$15 / hour
3. New York: \$13.2 / hour
5. Virginia: \$11 / hour
6. Florida: \$10 / hour
7. Texas: \$7.25 / hour
8. Georgia: \$5.15 / hour
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As you can see, minimum wages vary from state to state. If you’re making \$16 per hour, you may notice that you’re actually earning above minimum rates in every state in America (since Columbia has the highest), so not too bad.

## Is it Easy to Live on 16 Dollars an Hour?

Living on 16 per hour is possible, but it certainly isn’t easy. If you’re earning minimum hourly wage in most states, your annual salary will be close to or below the poverty line for a single person. That means that you’ll have to budget very carefully and probably won’t be able to afford many luxuries. Here are some tips on how to save money.

### Tips on Saving Money

Here’s a list:

• Get a roommate to split rent and utilities with you
• Cook at home as often as possible
• Find free or low cost activities in your area
• Use public transportation whenever possible
• Live in a smaller apartment or house
• Track your spending – use financial apps
• Working overtime

By following these tips, you can make the money you make for your 16 USD an hour job last a lot longer. It’s not going to be easy, but it is possible. Just remember to be careful with your spending and budget wisely.

### Where can you Live?

Here’s a list of US cities with the lowest cost of living:

• Birmingham, Alabama
• Winston-Salem, North Carolina
• Shreveport, Louisiana
• Memphis, Tennessee
• Louisville, Kentucky
• Hartford, Connecticut
• Buffalo, New York
• Oklahoma City, Oklahoma
• Rochester, New York
• Cleveland, Ohio
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If you’re making \$16 / hour and want to live in a city with a low cost of living, these are some good options for you to look into. You’ll be able to stretch your budget a bit further in these places and have a little bit more money left over at the end of the month. Just remember that city life can be expensive, so you’ll still need to be careful with your spending.