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The Economic Policy Institute updates their cost-of-living fairly regularly. The report reflects how much a family must need to earn in order to get by in a calendar year.
Community-specific costs are the paradigm to this report; the EPI found that families needed more than twice the amount of the federal poverty line to have a living standard that was comfortable and modest.
The multiple increases for popular cities like Miami, FL. EPI found that it took nearly three times the federal poverty line in to live a modest in ‘expensive cities’.
Parents needed to earn approximately $60,168 a year to cover all the basic expenses of living in Miami. This number is derived for a two-parent, one-child house. It is not uncommon for couples to have more than one child; additional children increase the required yearly salary by about $5000.
Miami is just one American city that has a high price tag attached to living costs. New York City, for example, requires a family budget of $94,676.
Though federal poverty thresholds are great indicators of what the average person needs to survive, they don’t give a complete idea of what it takes for a family to live without being vulnerable to changes in the economy and economic hardship. EPI has focused their efforts on exposing the truth behind what a family needs in order to live a secure and modest life.
Miami’s poor households don’t have much of a chance for a financial security when they work for minimum wage. “I have two children, my husband works full-time and so do I. Despite the hours we work we still have a hard time paying the bills,” said Susan Delange. “We often need to take loans out to bridge us between checks.”
Borrowing money in Miami FL has become a popular option for those on the cusp of the ‘living wage’. “Our city needs a reality check, right now if you’re not make six figures a year you are not living in Miami. You just don’t have a choice.”
It wasn’t always like this though. Miami used to be more affordable than some of the others cities in Florida. However, recent influx in tourists and vacation properties have increased the cost of rent or buying a home.
“We don’t need much, but we want to be able to pay our bills. $55,000 a year should be enough to live from,” Delange passionately stated. “We haven’t even thought about retirement.” The median household income is around $47,000.
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Release ID: 65126