AUSTIN (KXAN) — Different family types often have different needs, which impact the income required to meet those needs.
SmartAsset, a financial technology company, said it examined data from MIT Living Wage to determine the incomes needed for different family types to support themselves.
“Thanks to economies of scale, the cost per child decreases when having more than one child per family. Additionally, if one parent stays home to care for the children, families can potentially save a significant amount on childcare and other expenses,” the study said.
SmartAsset said it looked at housing, food, medical care, transportation and childcare to help determine the income needed to support the family type. The study said the minimum costs required could also change depending on local job and housing markets, city infrastructure and legislation, and even social and cultural influences.
In Texas,
1 adult with…
- no children would need $43,508
- 1 child would need $73,609
- 2 children would need $90,695
- 3 children would need $117,742
2 adults (1 working) with…
- no children would need $60,091
- 1 child would need $71,638
- 2 children would need $80,178
- 3 children would need $85,843
2 adults (2 working) with…
- no children would need $60,091
- 1 child would need $82,285
- 2 children would need $100,689
- 3 children would need $116,350