A two parent, two child family living in the Hartford area needs to earn nearly $76,000 a year to secure an adequate but modest living standard, according to the Economic Policy Institute’s updated Family Budget Calculator. A single parent with two children needs $72,000. The calculator estimates community-specific costs of housing, food, child care, transportation, health care, other necessities, and taxes. Among the other findings in the report that accompanies the calculator:
· The basic family budget for a two-parent, two-child family ranges from $48,144 (Marshall County, Miss.) to $93,502 (New York City).
· Housing ranges from 10.8% to 25.6% of a family’s budget.
· Child care costs account for the greatest variability in family budgets. Monthly child care costs for a two-parent, one-child household range from $334 in rural Mississippi to $1,318 in Washington, D.C.
· Even in the best of economic times, many parents in low-wage jobs will not earn enough through work to meet basic family needs. Annual wages for one full-time, full-year minimum-wage worker total $15,080, far below what is necessary for a one-parent, one-child family to live in even the least expensive family budget area.
Source: Economic Policy Institute, 7/3/13, Family Budgets
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