Here's How Much You Need To Earn To Live In Lake County

Lake County is one of the priciest places to live in Illinois, with the most expensive food and some of the highest taxes in the state, according to a new report from the Economic Policy Institute. The organization recently released its 2018 family budget calculator that estimates how costly it is to live in each of America’s 3,142 counties and 611 metro areas.

The group estimates a family of two adults and two children in Lake County would need to earn a combined $95,419 per year — or $7,952 a month — to live comfortably.

Here’s how the group breaks down that number:

• Housing: $1,256 per month
• Food: $779 per month
• Child Care: $1,580 per month
• Transportation: $ 1,198 per month
• Health Care: $1,150 per month
• Other Necessities: $821 per month
• Taxes: $1,167 per month

Compared to the Chicago metro area as a whole – Cook, Will, Lake, DuPage, Kane and McHenry counties – that might seem like a bit of a rip-off.

The average Chicagoland family needs to earn a combined $88,536 per year, or $7,37 every month, to “attain a modest yet adequate standard of living,” the organization said. In Cook County, it's even less – $85,638 annually and nearly $10,000 cheaper than Lake County.

The family budget calculator accounts for geographic differences in cost of living, but does not include many expenses associated with a middle-class lifestyle, including 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.”

Perhaps unsurprisingly, San Francisco ranked first in the nation 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.”

Find out more and compare with the rest of the country from the cost of living calculator and nationwide map that allow you to change the number of adults and children per household.

Patch reporter Dan Hampton contributed