Here's How Much You Need To Earn To Live In NYC

NEW YORK, NY – Nobody needs to be told that it costs a pretty penny to live comfortably in New York City, but new figures from the Economic Policy Institute have outlined just how much.The organization recently released its 2018 family budget calculator that estimates how costly it is to live in different areas.

A family of two adults and two children in the New York City metro area would need to earn an average combined income of $124,129 per year — or $10,344 a month — to live comfortably.

Here's how the group breaks down that number:

• Housing: $1,789 per month
• Food: $908 per month
• Child Care: $2,773 per month
• Transportation: $589 per month
• Health Care: $1,238 per month
• Other Necessities: $1,088 per month
• Taxes: $1,958 per month

In Manhattan, a family needs to earn $139,791, or $11,649 a month. In Brooklyn, it's $116,490, or $9,707 a month, and in Queens $129,330, or $10,777 a month.

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."

If you think living in New York City is bad, 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 earn 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

Lead image by Michael Loccisano / Getty Images