For parents in some U.S. cities, they’d need more than an annual salary of $100,000 to cover all the basics of raising a family with two children.
Based on data released by the nonprofit, nonpartisan think tank Economic Policy Institute, a two-parent, two-child family living in one of the 10 most expensive cities in the U.S. will have a hard time saving, even with a six-figure salary.
“This does not mean a middle-class lifestyle,” says Elise Gould, a senior economist with EPI. “This is just living, no savings.”
The top five cities are, in descending order, Washington, D.C., Nassau-Suffolk, N.Y., Westchester County, N.Y., New York City, and Stamford-Norwalk, Conn.