Here’s Where You Need A Six Figure Income To Raise A Family [Charts]

    By | Small Business

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    Rent is becoming progressively more expensive across the country. According to Trulia’s monthly Rent Monitor, “renting got more expensive in all of the 25 largest rental markets.” In May, rents rose 5.1% year-over-year. Apartment rents drove much of the increase (up 5.8% annually) and rent for single-family homes increased 2.1%.

    But for the average family, rent is only a fraction of the cost of living every month. Transportation, taxes, food and healthcare all have to be managed constantly, and, of course, raising children is arguably one of the greatest expenses of all.

    Some families are lucky enough to live in areas where the average family can get by—places where sandwiches aren’t over $10 and where you don’t have to cram four people in a space akin to your college dorm room. But for many others, even two steady incomes can’t support the exorbitant cost demanded by a city.

    To identify where these expensive places are, FindTheHome crunched the numbers to find the metro areas in the country with the highest monthly cost of living for a family of four, where both parents are employed and file federal income taxes jointly. The data comes from the most recent 2013 Economic Policy Institute (EPI) numbers, adjusted for inflation to 2015 dollars.

    FindTheHome used Learnvest’s 50-20-30 guidelines to calculate the salary required for each place, assuming 50% of salary is spent on daily costs of living, 30% is saved and 20% is allocated for flexible spending.

    Kingston, NY Metro Area

    Estimated Salary Required for Both Partners: $86,035

    Poughkeepsie, NY Metro Area

    Estimated Monthly Costs of Living in Poughkeepsie, NY Metro | FindTheHome

    Estimated Salary Required for Both Partners: $86, 332

    Boston, MA Metro Area

    Estimated Monthly Costs of Living in Boston, MA Metro | FindTheHome

    Estimated Salary Required for Both Partners: $86,497

    Hilo, HI Metro Area

    Estimated Monthly Costs of Living in Hilo, HI Metro | FindTheHome

    Estimated Salary Required for Both Partners: $88,211

    Arlington, VA Metro Area

    Estimated Monthly Costs of Living in Arlington, VA Metro | FindTheHome

    Estimated Salary Required for Both Partners: $86,260

    Stamford, CT Metro Area

    Estimated Monthly Costs of Living in Stamford, CT Metro | FindTheHome

    Estimated Salary Required for Both Partners: $88,485

    Washington D.C. Metro Area

    Estimated Monthly Costs of Living in Washington D.C. Metro | FindTheHome

    Estimated Salary Required for Both Partners: $89,501

    Yonkers, NY Metro Area

    Estimated Monthly Costs of Living in Yonkers, NY Metro | FindTheHome

    Estimated Salary Required for Both Partners: $92,032

    Nassau, NY Metro Area

    Estimated Monthly Costs of Living in Nassau, NY Metro | FindTheHome

    Estimated Salary Required for Both Partners: $94,296

    New York City, NY Metro Area

    Estimated Monthly Costs of Living in New York City, NY Metro | FindTheHome

    The New York City, NY Metro Area has the highest cost of living, where each partner needs to make an estimated $94,437 in order to live comfortably.

    Learn More About Where You Live on FindTheHome

    This article was syndicated from Business 2 Community: Here’s Where You Need A Six Figure Income To Raise A Family [Charts]

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