How much money does a couple with kids have to make in Miami? Look at the living wage
Kids have always been expensive. But just how pricey have they gotten for Miami couples these days?
A recent SmartAsset.com analysis used the MIT Living Wage Calculator to gather the basic cost of living for couples with children in every state. The data includes costs of necessities that cover housing, food, transportation, income taxes and other items.
For two adults in the U.S., on average the income needed to afford necessities is $62,766, or $31,383 per person. The study notes that due to the economies of scale, the cost per child drops when having more than one kid per family. Also, if one parent stays at home to care for children, families can potentially save a ton on childcare costs.
“Despite these general trends, the minimum costs required to support a family — such as housing, food, medical care, transportation and childcare — can vary due to local job and housing markets, city infrastructure and legislation, and even social and cultural influences,” the analysis states.
How much in Miami-Dade County?
Where does Miami fall in the analysis? Below is how much couples must earn in the state to cover basic necessities in 2024, depending on who is working and how many children there are:
- 2 adults (1 working), 0 children: $67,963
- 2 adults (1 working), 1 child: $81,689
- 2 adults (1 working), 2 children: $90,439
- 2 adults (1 working), 3 children: $100,856
- 2 adults (2 working), 0 children: $67,963
- 2 adults (2 working), 1 child: $91,176
- 2 adults (2 working), 2 children: $107,959
- 2 adults (2 working), 3 children: $126,932
How much in Florida?
Where does Florida fall in the analysis? Below is how much couples must earn in the state to cover basic necessities in 2024, depending on who is working and how many children there are:
- 2 adults (1 working), 0 children: $63,567
- 2 adults (1 working), 1 child: $75,959
- 2 adults (1 working), 2 children: $84,825
- 2 adults (1 working), 3 children: $92,922
- 2 adults (2 working), 0 children: $63,567
- 2 adults (2 working), 1 child: $86,553
- 2 adults (2 working), 2 children: $104,524
- 2 adults (2 working), 3 children: $121,164
Other key findings
- Massachusetts is the most expensive state for working parents. Families in the state with two working parents raising two or three children will need $150,578 and $176,107, respectively.
- Arkansas is the most affordable state for families with just one child. For two parents where one stays home with the child, the working parent will need to earn $65,934 before taxes. Two working parents who require daycare for their child, would beed to earn $73,789 in total.
- Taxes are lowest for single parents in South Dakota and Tennessee. For people making just enough to pay for basic needs, the South Dakota and Tennessee effective tax rates are estimated at 10% or less. And neither state has an income tax.
