Mike, a college student, rents a studio apartment. He cannot afford a television and lives on cheap groceries like dried beans and ramen noodles. Since he does not have a regular job, he does not own a car. Mike is living in:

relative poverty          

Explanation:

Relative poverty: The term "relative poverty" is described as a condition whereby an individual lack a "minimum amount of income" that is being required to maintain or carry out an average standard of his or her living in a particular society from which he or she belongs to. However, it is considered as one of the easiest methods to analyze the poverty level in a particular country.

In the question above, the given statement signifies that Mike is living in relative poverty.