Economy

"What Families Need to Get By" Varies Wildly from City to City -- EPI

What does it cost to live in America. That depends on where people live. There should be no surprise in that given variations in poverty levels, household income, education, and the price of real estate and other substantial costs. However, the variation much, much larger than might be expected

The Economic Policy Institute (EPI):

The real costs for families to live modest, economically secure lives are much higher than conventional estimates show for all cities across the country. For minimum-wage workers, it is nearly impossible to meet basic family needs.

Put another way, the number of people truly living “in poverty” may be much larger than the government’s figure of 16%.

The EPI adds:

Like most of the old Southern states from Louisiana to Alabama and north into Kentucky, poverty remains high, and income and education much lower than the national average.

Elise Gould, EPI director of health policy research said when commenting on the new “What Families Need to Get By: The 2013 Update of EPI’s Family Budget Calculator” that:

“The fact that hardworking families are struggling to afford their basic needs  makes clear how critical government policies are to ensure that our families can afford such basic necessities like food, child care, housing, transportation, and health care.”

Federal policy data seems to be well out of kilter with reality.

The budget calculator can be found here

The Average American Has No Idea How Much Money You Can Make Today (Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

 

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

1 https://www.fdic.gov/national-rates-and-rate-caps

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.