To find the equivalent hourly wage from the annual pay, we need to divide the annual salary by the number of work hours in a year.
Typically, a full-time position is based on a 40-hour work week for 52 weeks:
\[ \text{Total hours per year} = 40 \text{ hours/week} \times 52 \text{ weeks/year} = 2080 \text{ hours/year} \]
Now, we can calculate the equivalent hourly wage from the annual pay of $121,991:
\[ \text{Equivalent hourly wage} = \frac{121,991}{2080} \approx 58.65 \]
Next, we find the difference between the equivalent hourly wage and the living hourly wage:
\[ \text{Difference} = \text{Equivalent hourly wage} - \text{Living hourly wage} = 58.65 - 53.30 = 5.35 \]
Therefore, the equivalent hourly wage is $5.35 higher than the living hourly wage.
The answer is $5.35.