The Economic Policy Institute, a nonprofit think tank, has calculated the costs of living for a two-parent, two-child family in 618 different metropolitan areas. EPI based their calculations on the average costs of housing, child care, food, transportation, and other necessities in the area, plus taxes.
“This is just living, no savings,” said Elise Gould, an EPI senior economist.
According to their findings, a family of four could pay anywhere from $50,000 to more than $100,000 per year, depending on location, just to get by. Child care makes up the greatest share of this expense in 500 of the 618 areas surveyed, at an average cost of $12,500 per year.
The most expensive city on EPI’s list is Washington, D.C., with an average of $106,493 in yearly expenses. Almost a third of this expense is for child care, which costs $31,158 on average.