"In Manhattan, two adults with two children and just one parent working - assuming no childcare costs - would need an annual pre-tax salary of $113,860 to cover their basic needs, according to Living Wage Institute data via MIT's Living Wage Calculator. If both parents worked, the $30,562 extra needed for childcare expenses means the family would need pre-tax income of $153,065."
"Housing is the main driver behind these relatively high income benchmarks in New York. For example, a family of four faces estimated housing costs of a little over $3,000 per month in Manhattan, according to the MIT calculator. Food is also expensive in the city, with a family this size facing around $1,661 per month for this expense category. For You: 25 Most Livable Cities for Middle-Class Families"
New York, especially Manhattan, requires much higher incomes to cover basic needs. A single adult in Manhattan needs about $68,338 annually. A family of four with one parent working needs $113,860 annually, and both parents working with childcare raises that need to $153,065. Housing is the primary cost driver, with estimated housing just over $3,000 per month for a four-member family. Food for that family is roughly $1,661 per month. New York City minimum wage is $16.50 compared with the $7.25 federal minimum, and wages vary by occupation.
Read at Aol
Unable to calculate read time
Collection
[
|
...
]