How much is the REAL cost of living?

Being 21 I can't recall when anyone was even close to living on there own at our current "$5.15 an hour". How much realistically would one have to make to survive on there own? I know there are many contributing factors, so lets take this scenario.

Single, no ex-wife,kids etc.
$400 in rent + utilies (water, electric, trash) /a month
A cheap car payment ($120??) /a month
insurance for car / a month
cost of living (eating cheap)

I'm guessing at least $7.00 an hour, what do you figure? I'm talking basic living.

[edit on 5-12-2004 by Strigoi]

Here in NZ the average wage is quite low (high compared to the USA.) around $10 an hour. At $10 an hour working 5 days you get around $400 per week before tax.
Assuming the person is single.
Mortage . - $170 a low mortage.
Bills power ,telephone -$267
Food/living- $ 133

The worse thing is that in NZ skilled and unskilled workers are paid almost the same. Example I knew some one who worked in a rest home for $10.50 an hour looking after old people.
I also know some one who picks asparagus for $9 per hour.
Anyone else see whats wrong with this picture?

wonder how the goverment can keep minimum wage at $5.15 then? If one lived with there parents $5.15 would still barely cover the bills needed just to drive to work!

[edit on 5-12-2004 by Strigoi]

I dont know why the US government keeps wages so low.
NZ is proof that low wages dosnt = more jobs.
Let me put it this way.
Joe bloggs owns a book shelf factory he pays his workers $10 an hour. The workers hardly have enough money to pay the bills little alone buy things like book shelvs and other novelty items. Much of the middle class NZ is in this boat.
Lower wages dosnt create demand for goods and services. If people were paid $12 -15 per hour they would have more money and there would be more demand for Joe bloggs book shelvs.

$5.15 jobs require no skill at all. If you want to make more, you need an education. Going to vocational school and after graduation you can make on hand $15-20 an hour, $35k a year. College, Bachelors degree you can make on average $25-35 an hour or $55k, masters or phd may take you to $40 and above or around $70k a year. Minimum wage is designed for people with no education (janitor) and who's skills aren't in such high demand, thus they don't get paid a whole lot and not even close to what skilled worker (neuro surgeon) gets paid.

I would say $8.50 is would do the job working 40 a week.