Here's How Much You Need To Earn To Live In Hudson County

HOBOKEN, NJ — If you make less than $95,000, you can't comfortably support a family of two adults and two children in Hudson County, according to a nonprofit think tank.

That’s the word from the Economic Policy Institute (EPI), which recently released a “Family Budget Calculator” that shows what’s required for families to attain an adequate-but-modest standard of living in their local community.

In Hudson County, a family of two adults and two children needs to earn a combined $94,533 per year — or $7,878 a month — to live “comfortably,” the group claims.

Here's how the EPI breaks down that number:

• Housing: $1,614 per month
• Food: $802 per month
• Child Care: $1,635 per month
• Transportation: $653 per month
• Other Necessities: $1,125 per month
• Taxes: $1,075 per month

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.

"Our Family Budget Calculator goes beyond traditional measures like the poverty line to paint a detailed picture of what families need to get by," EPI Senior Economist Elise Gould said in a release. "The latest update provides even greater detail on how costs vary throughout the country. It is above all else a tool for policymakers to advocate for ways to raise wages and make their communities more affordable."

• See related article: Murphy Still Wants To Raise New Jersey Minimum Wage (But When?)
• See related article: Meet 10 NJ Families Who Had To Crowdfund For Healthcare

Perhaps unsurprisingly, San Francisco ranked first in the nation as the most expensive metro area with a basic budget of $148,439 a year for a two-parent, two-child household. On the flipside, that same household would only need to earn $58,906 to live comfortably in Brownsville, Texas, the least expensive metro area in the country.

The group noted that many low-wage workers don't make enough money to adequately provide for their family's basic needs. Even after adjusting for higher state and city minimum wages, the group said, there is "nowhere in the country" where a minimum-wage worker would earns enough.

• See related article: New Jersey's Income Gap Among Worst In Nation, Study Says

"It's clear from our analysis that, even in less-expensive areas, many families will struggle to meet their basic needs," said research assistant Zane Mokhiber. "The good news is we have many different ways to remedy this, from a higher minimum wage to ambitious child care reform. Policymakers should draw on a range of tools to help people meet the needs laid out in the Family Budget Calculator."

Click here to go to the calculator. You can change the number of adults and children to see exactly what your household needs to earn to live comfortably in your county.

Patch reporter Dan Hampton contributed to this report

Learn more about posting announcements or events to your local Patch site here. Send local news tips and correction requests to eric.kiefer@patch.com

Photo: Shutterstock