Report: Living in Minneapolis costs $73,526 for family of four - KMSP-TV

  • $73,526 is the cost of a decent living for a family of four in Minneapolis, according to a report by the Economic Policy Institute. Too high or too low?

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'Decent' living in Minneapolis costs $73,526 for family of four

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MINNEAPOLIS (KMSP) -

A two-parent, two-child family in Minneapolis needs $73,526 to secure a decent, "not even middle class" living, according to a report released Wednesday by the Economic Policy Institute.

The updated Family Budget Calculator estimated the variable costs of housing, food, child care, transportation, health care and other necessities, plus taxes.

"Our family budget calculations show that the real costs for families to live modest-not even middle class-lives are much higher than conventional estimates show and are virtually impossible for families working minimum-wage jobs," said Elise Gould, EPI's director of health policy research. "In fact, the actual amount of money a family needs to provide the most basic necessities exceeds the official poverty threshold, which stood at $23,283 for a two-parent, two-child family in 2012, for all six family types in all 615 family budget areas studied in this report."

EPI is a nonprofit, Washington-based think tank that has historically presented a liberal viewpoint on economic issues.

MINNEAPOLIS FAMILY BUDGET

According to the EPI calculator, the annual family budget for a two-parent, two-child family in Minneapolis costs $73,526. Here's how the monthly costs add up:

Housing: $920
Child care: $982 (one child) to $1,881 (three children)
Food: $754
Transportation: $607
Health: $1,524

STRUGGLING ON MINIMUM WAGE

Eric Fought, spokesperson for Minnesotans for a Fair Economy, says this report highlights the need for a minimum wage increase.

Annual wages for one full-time, full-year minimum-wage worker in Minneapolis total $15,080, far short of the money needed to have a "decent" living, according to the report.

"This data shows us how horribly out-of-touch with reality the minimum wage really is," Fought said.

HOW DO YOU GET BY?

What do you think of the EPI calculations? Are they in line with what you're paying? How much do you think is needed to support a family of four? Join the discussion at http://on.fb.me/1bo8qqt

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