Source: Economic Policy Institute, 2015
EPI’s Family Budget Calculator measures the income a family needs in order to attain a secure yet modest standard of living. The budgets estimate community-specific costs for 10 family types (one or two adults with zero to four children) in 618 locations. Compared with the federal poverty line and Supplemental Poverty Measure, EPI’s family budgets provide a more accurate and complete measure of economic security in America.
From the press release:
Today, the Economic Policy Institute released an update its signature Family Budget Calculator, which shows what’s required for families to attain a secure yet modest standard of living in 618 communities throughout the country. The update contains new data through 2014 and includes budgets for ten family types including, for the first time, adults without children.
The Family Budget Calculator is a stark reminder that many workers in low-wage jobs do not earn enough to meet their family’s basic needs. Even after adjusting for higher state and city minimum wages, there is nowhere in the country where a minimum-wage worker—even a single adult without children—earns enough to meet the requirements of their local family budget….
Washington, DC, topped the list of most expensive metro areas, with a recommended budget of $106,493 for a two-parent, two-child household. The top ten most expensive metro areas for a two-parent, two-child household are:
• Washington, DC ($106,493)
• Nassau-Suffolk, NY ($103,606)
• Westchester County, NY ($99,592)
• New York City, NY ($98,722)
• Stamford-Norwalk, Conn. ($97,350)
• Honolulu, Hawaii ($94,092)
• Poughkeepsie-Newburgh-Middletown, NY ($92,837)
• Ithaca, NY ($92,603)
• San Francisco, Cali. ($91,785)
• Danbury, Conn. ($89,205)