Miami Cost Of Living Is Three Times The Federal Poverty Line: Report (INFOGRAPHIC)

Report Reveals Sobering Truth About Miami Cost Of Living
|
MIAMI - AUGUST 07: Linda Hoffman and her granddaughter, Riley Bulnes, 4, pick up their free prescription of antibiotics from Rosemary Petty a Publix Supermarket pharmacy technician August 7, 2007 in Miami, Florida. Publix has decided to start giving away seven commonly prescribed antibiotics for free. The oral antibiotics will be available at no cost to any customers with a prescription as often as they need it. Publix will offer 14-day supplies of the seven drugs at all of the company's pharmacies. The supermarket chain operates 684 pharmacies in five states. (Photo by Joe Raedle/Getty Images)
MIAMI - AUGUST 07: Linda Hoffman and her granddaughter, Riley Bulnes, 4, pick up their free prescription of antibiotics from Rosemary Petty a Publix Supermarket pharmacy technician August 7, 2007 in Miami, Florida. Publix has decided to start giving away seven commonly prescribed antibiotics for free. The oral antibiotics will be available at no cost to any customers with a prescription as often as they need it. Publix will offer 14-day supplies of the seven drugs at all of the company's pharmacies. The supermarket chain operates 684 pharmacies in five states. (Photo by Joe Raedle/Getty Images)

The Economic Policy Institute has just updated their cost-of-living budgets to reflect how much a family needs to earn to get by in 2013.

Looking at over 600 locations and estimating community-specific costs, EPI found that families need more than twice the amount of the federal poverty line to have a secure yet modest living standard.

"Our family budget calculations show that the real costs for families to live modest -- not even middle class -- lives are much higher than conventional estimates show and virtually impossible for families living on minimum-wage jobs," said Elise Gould, the Economic Policy Institute director of health policy research.

And Miami-Dade is no exception, where the institute found it takes nearly three times the federal poverty line to live a modest lifestyle.

A two-parent, one-child family living in the Miami-Miami-Beach-Kendall metro area needs to earn $60,168 a year to cover all basic expenses, according to EPI.

Meanwhile the federal poverty line for a family of three was set at $19,090 for 2012. According to EPI annual wages for one full-time, full-year minimum-wage worker total $15,080.

EPI's calculated budget for Miami families is also more than $10,000 over the median income for Miami-Dade County, which was $47,500 in 2012, slightly less than the national average of $52,762.

Where is the money going? Health care tops even housing expenses each month-- check out how the $60,168 income is spent by a Miami family of three:

graph

The rest of South Florida proves to be just as expensive: A Broward family of three needs $55,486 to get by and a Palm Beach household of the same size tops in at $61,021.

Click below for the breakdown of EPI's Miami cost-of-living budgets based on family size:

Go To Homepage

Before You Go

Popular in the Community