Family Budgets in the 15 Largest U.S. Cities

The Economic Policy Institute's newly-updated budget calculator measures how much a family of four would need for a modest standard of living, and accounts for regional cost differences.

Four cities in California, Los Angeles, San Diego, San Jose, and San Francisco; and New York City made up the five most expensive cities for a family of four. Los Angeles is the most affordable of these five, with housing costs at $19,956 and the total cost of living at $92,295 annually. CNBC reports that New York City was sandwiched between the four Golden State cities in third place. Child care costs in New York amount to $33,279 per year, while housing would cost $21,468 annually for two adults and two children.

The calculator factors in geographic differences in cost of living and seven main expenses: housing, food, transportation, child care, health care, other basic necessities and taxes. "In order to keep the budgets modest, the calculator notably does not include many expenses associated with a middle-class lifestyle, such as paying off student loans or saving for college or retirement," the EPI notes. The EPI gathered data for 10 family types in all 3,142 counties and in all 611 metro areas.

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