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Old 07-15-2013, 12:39 PM
 
Location: Minnesota
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Default Average Family Income Required

This is interesting, but I want to know what "getting by" is if it means you need $74,000.
Ľ A family needs $74k to get by in the Twin Cities, $5k more than Duluth Minnesota Today
I think this is more about out of control spending.
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Old 07-15-2013, 01:10 PM
 
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I assume this would be based off average home price, a car payment for a vehicle that holds the whole family (plus all the other costs that come with it), average food costs, etc., all while still haven't a little bit of a security blanket.

This is confusing, since the average household income is below this number in Minnesota (and presumably even the Twin Cities number isn't terribly higher than that). Surely most families are "struggling"?
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Old 07-15-2013, 01:13 PM
 
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Quote:
Originally Posted by Beenhere4ever View Post
This is interesting, but I want to know what "getting by" is if it means you need $74,000.
Ľ A family needs $74k to get by in the Twin Cities, $5k more than Duluth Minnesota Today
I think this is more about out of control spending.
Quote:
EPIís Family Budget Calculator measures the income a family needs in order to attain a secure yet modest living standard by estimating community-specific costs of housing, food, child care, transportation, health care, other necessities, and taxes. The budgets, updated for 2013, are calculated for 615 U.S. communities and six family types (either one or two parents with one, two, or three children).

As compared with official poverty thresholds such as the federal poverty line and Supplemental Poverty Measure, EPIís family budgets offer a higher degree of geographic customization and provide a more accurate measure of economic security. In all cases, they show families need more than twice the amount of the federal poverty line to get by.
Depends on the meaning of "modest". Plus, things like child care will affect things greatly. A 2-parent, 2-kid family where only one parent works (or the other works offset hours) will have a very different number because you'll drop several thousand dollars/yr in childcare expenses.
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Old 07-15-2013, 03:48 PM
 
Location: Minnesota
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$74k is what I'd consider lavish living. Of course, you see kids with iPhones and iPods these days. The whole idea of what is "necessary" gets pretty ridiculous some times. The dollar figure means more if you apply the same rules to multiple cities as they did. It just shows Minneapolis more expensive than other cities in Minnesota, which I think is accurate.
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Old 07-15-2013, 09:25 PM
 
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But but my kids need an iPhone! We have to keep them happy and keep up with the Jones' lest we look inferior. Woe is our family who only makes $74,000!
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Old 07-15-2013, 11:22 PM
 
Location: Minnesota
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Quote:
Originally Posted by pete6032 View Post
But but my kids need an iPhone! We have to keep them happy and keep up with the Jones' lest we look inferior. Woe is our family who only makes $74,000!
Right. Great is the suffering of such families. They might have to settle for iPhone4.
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Old 07-16-2013, 07:44 AM
 
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Quote:
Originally Posted by Beenhere4ever View Post
Right. Great is the suffering of such families. They might have to settle for iPhone4.
Look at the data in more detail. The specific budget breakdown is $428 for "Monthly Other Necessities." I'm assuming things like consumer electronics would fall under this category, but so too would things like clothes. Budgeting just over $100/month for four people doesn't allow for too many iPhones considering all the other things it would need to cover.

I don't know if this calculation is totally accurate, but I don't consider $74K for four people that lavish, considering what things cost these days.
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Old 07-16-2013, 07:59 AM
 
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Quote:
Originally Posted by QuietBlue View Post
Look at the data in more detail. The specific budget breakdown is $428 for "Monthly Other Necessities." I'm assuming things like consumer electronics would fall under this category, but so too would things like clothes. Budgeting just over $100/month for four people doesn't allow for too many iPhones considering all the other things it would need to cover.

I don't know if this calculation is totally accurate, but I don't consider $74K for four people that lavish, considering what things cost these days.
I would agree. A single person or a couple could get by on that but a family of 4, it would be tight, even without cell phones
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Old 07-16-2013, 08:56 AM
 
Location: Minnesota
5,148 posts, read 2,834,795 times
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Quote:
Originally Posted by QuietBlue View Post
Look at the data in more detail. The specific budget breakdown is $428 for "Monthly Other Necessities." I'm assuming things like consumer electronics would fall under this category, but so too would things like clothes. Budgeting just over $100/month for four people doesn't allow for too many iPhones considering all the other things it would need to cover.

I don't know if this calculation is totally accurate, but I don't consider $74K for four people that lavish, considering what things cost these days.
Especially if those things are branded like Nike clothing. I go out shopping for an occasional article of clothing. Just a swoop on anything adds a lot to the cost. Takes me back to when Levis were a huge thing for school kids. My father had a lot of kids to clothe, so he got jeans from Wards or Penneys for $5. Nowadays even "cheap stuff" isn't cheap, even when it is made in Asian factories that collapse on the workers.

Yeh, I really find $74k lavish. Though the runup in housing prices means mortgage payments are like a sponge to soak up a lot of excess money. Could be that Duluth's home prices are that much cheaper.
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Old 07-16-2013, 09:28 AM
 
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Quote:
Originally Posted by Beenhere4ever View Post
Especially if those things are branded like Nike clothing. I go out shopping for an occasional article of clothing. Just a swoop on anything adds a lot to the cost. Takes me back to when Levis were a huge thing for school kids. My father had a lot of kids to clothe, so he got jeans from Wards or Penneys for $5. Nowadays even "cheap stuff" isn't cheap, even when it is made in Asian factories that collapse on the workers.

Yeh, I really find $74k lavish. Though the runup in housing prices means mortgage payments are like a sponge to soak up a lot of excess money. Could be that Duluth's home prices are that much cheaper.
Then what do you consider a reasonable amount of money for two adults and two children in the Twin Cities to live on? Where exactly do you find the methodology lacking?

As for Duluth, it only came in at about $5K less, and salaries/wages are lower in Duluth too, so it's a wash.
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