{"id":114016,"date":"2021-02-23T21:26:17","date_gmt":"2021-02-23T21:26:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114016"},"modified":"2021-02-23T21:26:17","modified_gmt":"2021-02-23T21:26:17","slug":"the-income-a-family-really-needs-to-avoid-poverty-in-every-state","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/the-income-a-family-really-needs-to-avoid-poverty-in-every-state\/","title":{"rendered":"The Income a Family Really Needs to Avoid Poverty in Every State"},"content":{"rendered":"
Millions of jobs have been lost due to the COVID-19 pandemic, especially in the early months. While some jobs have since been regained, more than <\/span>10 million people<\/span> in the American labor force are still unemployed. And many of those who still have a job have had <\/span>to take a pay cut<\/span> or reduced hours. <\/span>To date, the federal government has awarded two stimulus checks, with a maximum combined per-individual <\/span>payout of $2,000<\/span>. For many, those two stimulus checks have done <\/span>little to make up for their income losses during the crisis that is now more than a year old<\/span>.\u00a0<\/span><\/p>\n The U.S.’s official poverty measure, which sets an income threshold based on household size, <\/span>is intended to capture<\/span> those individuals and families who are unable to meet basic needs. However, many economists contest the traditional measure — which does not include several expense categories and does not adjust for regional cost of living differences — is inadequate in assessing just how many Americans are unable to meet their basic needs.\u00a0<\/span><\/p>\n 24\/7 Wall St. reviewed March 2018 cost of living estimates, adjusted for inflation, from financial think tank the<\/span> Economic Policy Institute\u2019s Family Budget Calculator<\/span>. The estimates are of the costs needed for a family of two (two adults and no children) to lead a \u201cmodest yet adequate standard of living.” These costs include all of the basic necessities, including housing, food, transportation, health care, and others, as well as taxes. The income required for a family of two to meet these necessities varies from just under $45,000 in one state to over $69,000 in another. These income thresholds are much higher than the Census Bureau\u2019s official poverty threshold for a household with two people of <\/span>$16,521<\/span>.<\/span><\/p>\n Of course, for larger families, the EPI\u2019s estimated annual family budget is tens of thousands of dollars higher in every state.\u00a0<\/span><\/p>\n At a more local level, costs can be even higher, with the costs to meet a basic standard of living for a family of two in some metro areas <\/span>exceeding $70,000<\/span>, and for a family of four well above <\/span>$120,000<\/span>. While cities and counties with higher costs of living tend to be concentrated in states with generally higher costs of living, they can be found all across the country. <\/span>This is the most expensive place to live in every state<\/span>.<\/span><\/p>\n Click here to see the income a family really needs to avoid poverty in every state.<\/strong><\/span>
\nClick here to see our detailed methodology.<\/strong><\/span><\/p>\n