The basic family budget for a two-parent, two-child family ranges from about $50,000 to more than $100,000 depending on where a family lives, according to data from the nonprofit and nonpartisan think tank the Economic Policy Institute. Across regions and family types, child care costs account for the greatest variability in family budgets. Among two-parent, two-child families, child care costs exceed rent in 500 out of 618 family budget areas. Even in the best of economic times, many parents in low-wage jobs will not earn enough through work to meet basic family needs. Here are the 10 most expensive places to raise a family with 2 adults and 2 children:
- Washington, D.C. with an annual cost of $106,493
- Nassau-Suffolk, N.Y. with an annual cost of $103,606
- Westchester County, N.Y. with an annual cost of $99,592.
- New York City with an annual cost of $98,722
- Stamford-Norwalk, Conn. with an annual cost of $97,350
- Honolulu with an annual cost of $94,092
- Poughkeepsie-Newburgh-Middletown, N.Y. with an annual cost of $92,837
- Ithaca, N.Y. with an annual cost of $92,603
- San Francisco with an annual cost of $91,785
- Danbury, Conn. with an annual cost of $89,000
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