How Much You Need To Earn To Live 'Comfortably' In NYC

Leserartikel Lolo koko, 03.08.2018 18:29

NEW YORK, NY – It's no shock you need a lot of money to make it in New York City. But, when you see the actual amount, you'd be excused for packing up and moving to Ohio.
A family budget calculator put together by the Economic Policy Institute estimates a family of two adults and two children living in the New York metro area needs to earn a combined $124,129 a year, or $10,344 a month. In Manhattan, that amount shoots up to $139,791 a month.
Here's how the group breaks down that number for the city as a whole:
Housing: $1,789 per monthFood: $908 per monthChild Care: $2,773 per monthTransportation: $589 per monthHealth Care: $1,238 per monthOther Necessities: $1,088 per monthTaxes: $1,958 per month
In Brooklyn, a family needs to earn $116,490, in Queens $129,330 and in Staten Island $125,880. The Bronx is the cheapest part of the city, with annual living expenses being estimated at $106,587.
SubscribeThe family budget calculator accounts for geographic differences in cost of living, but does not include many expenses associated with a middle-class lifestyle such as student loan payments or saving for college or retirement.
“Our Family Budget Calculator goes beyond traditional measures like the poverty line to paint a detailed picture of what families need to get by,“ EPI Senior Economist Elise Gould said in a release. „The latest update provides even greater detail on how costs vary throughout the country. It is above all else a tool for policymakers to advocate for ways to raise wages and make their communities more affordable.“
San Francisco was ranked as the most expensive metro area with a basic budget of $148,439 a year for a two-parent, two-child household. On the flipside, that same household would only need to earn $58,906 to live comfortably in Brownsville, Texas, the least expensive metro area in the country.
The group noted that many low-wage workers don't make enough money to adequately provide for their family's basic needs. Even after adjusting for higher state and city minimum wages, the group said, there is „nowhere in the country“ where a minimum-wage worker would earns enough.
“It's clear from our analysis that, even in less-expensive areas, many families will struggle to meet their basic needs,“ said research assistant Zane Mokhiber. „The good news is we have many different ways to remedy this, from a higher minimum wage to ambitious child care reform. Policymakers should draw on a range of tools to help people meet the needs laid out in the Family Budget Calculator.“
Click here to go to to the calculator. You can change the number of adults and children to see exactly what your household needs to earn to live comfortably in your county.
Patch reporter Dan Hampton contributed to this report
Photo by Spencer Platt/Getty Images

NEW YORK, NY – It's no shock you need a lot of money to make it in New York City. But, when you see the actual amount, you'd be excused for packing up and moving to Ohio.

A family budget calculator put together by the Economic Policy Institute estimates a family of two adults and two children living in the New York metro area needs to earn a combined $124,129 a year, or $10,344 a month. In Manhattan, that amount shoots up to $139,791 a month.

Here's how the group breaks down that number for the city as a whole:

Housing: $1,789 per monthFood: $908 per monthChild Care: $2,773 per monthTransportation: $589 per monthHealth Care: $1,238 per monthOther Necessities: $1,088 per monthTaxes: $1,958 per month

In Brooklyn, a family needs to earn $116,490, in Queens $129,330 and in Staten Island $125,880. The Bronx is the cheapest part of the city, with annual living expenses being estimated at $106,587.

SubscribeThe family budget calculator accounts for geographic differences in cost of living, but does not include many expenses associated with a middle-class lifestyle such as student loan payments or saving for college or retirement.

„Our Family Budget Calculator goes beyond traditional measures like the poverty line to paint a detailed picture of what families need to get by,“ EPI Senior Economist Elise Gould said in a release. „The latest update provides even greater detail on how costs vary throughout the country. It is above all else a tool for policymakers to advocate for ways to raise wages and make their communities more affordable.“

San Francisco was ranked as the most expensive metro area with a basic budget of $148,439 a year for a two-parent, two-child household. On the flipside, that same household would only need to earn $58,906 to live comfortably in Brownsville, Texas, the least expensive metro area in the country.

The group noted that many low-wage workers don't make enough money to adequately provide for their family's basic needs. Even after adjusting for higher state and city minimum wages, the group said, there is „nowhere in the country“ where a minimum-wage worker would earns enough.

„It's clear from our analysis that, even in less-expensive areas, many families will struggle to meet their basic needs,“ said research assistant Zane Mokhiber. „The good news is we have many different ways to remedy this, from a higher minimum wage to ambitious child care reform. Policymakers should draw on a range of tools to help people meet the needs laid out in the Family Budget Calculator.“

Click here to go to to the calculator. You can change the number of adults and children to see exactly what your household needs to earn to live comfortably in your county.

Patch reporter Dan Hampton contributed to this report

Photo by Spencer Platt/Getty Images