Sunday, July 7, 2013

See How Much Money A Family Needs to be Secure in Your Town

What follows is a Family Budge Calculator put out by the Economic Policy Institute. The example shown here is for a two parent family with two children living in the capital city of New Jersey, Trenton. A typical family there needs over $75,000 in income per year to be financially secure. That means each parent would have to work full-time and be making at least $18/hour. Or, if only one parent worked, they would need to be pulling in $36/hour for their family to be financially secure. This is a long ways from minimum wage.
Family Budget Calculator
EPI’s Family Budget Calculator measures the income a family needs in order to attain a secure yet modest living standard by estimating community-specific costs of housing, food, child care, transportation, health care, other necessities, and taxes. The budgets, updated for 2013, are calculated for 615 U.S. communities and six family types (either one or two parents with one, two, or three children).
As compared with official poverty thresholds such as the federal poverty line and Supplemental Poverty Measure, EPI’s family budgets offer a higher degree of geographic customization and provide a more accurate measure of economic security. In all cases, they show families need more than twice the amount of the federal poverty line to get by. 
Top of Form
Family Type:
Area Name:

Bottom of Form
Trenton-Ewing, NJ MSA (NJ)
Two Parents, Two Children
Monthly Housing
Monthly Food
Monthly Child Care
Monthly Transportation
Monthly Health Care
Monthly Other Necessities    
Monthly Taxes
Monthly Total
Annual Total
Family budgets are for 2013.

Learn more about EPI’s Family Budget Calculator

DATA: Download source data (Excel)

No comments:

Post a Comment

Please feel free to comment or make suggestions