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How Much Does a Family of Four Need To Earn To Live Comfortably In Bucks County?

How Much Does a Family of Four Need To Earn To Live Comfortably In Bucks County? | Newtown News of Interest | Scoop.it

Bucks County is one of the priciest places to live in Pennsylvania, according to the Economic Policy Institute. The organization recently released its 2018 family budget calculator that estimates how costly it is to live in each of America's 3,142 counties and 611 metro areas.

 

The group estimates a family of two adults and two children in Bucks County would need to earn a combined $99,846 per year — or $8,321 a month — to live comfortably.

 

Here's how the group breaks down that number:

 

  • Housing: $1,316 per month
  • Food: $817 per month
  • Child Care: $1,757 per month
  • Transportation: $1,246 per month
  • Other Necessities: $860 per month
  • Taxes: $1,224 per month

 

Bucks County's family budget is higher than the average across the Philadelphia metro area, where the same sized family would need to earn $92,163 to "attain a modest yet adequate standard of living," the organization said.

  

The family budget calculator accounts for geographic differences in cost of living, but does not include many expenses associated with a middle-class lifestyle, including student loan payments or saving for college or retirement.

 

Also read:

How Prosperous Is Your Pennsylvania ZIP Code? New Data Reveals Wealth Gap

johnmacknewtown's insight:

According to the U.S. census, the median household incomes in local counties are as follows:

 

Bucks - $82,031
Chester - $92,417
Delaware - $69,839
Montgomery - $84,791
Philadelphia -$40,649

 

Note: These numbers include all households, including people who live alone. More...

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Newtown News of Interest
These Scoops are excerpts from articles published in local newspapers and other sources that may be of interest to Newtown area residents. Please click on the "From" link to access the full original article. Any opinions and "insights" appended to these article summaries are solely those of John Mack and do not represent the opinions of any other person or entity.
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