WASHINGTON — If you’re looking to raise a family, D.C. is perhaps not the ideal choice for a city, at least financially speaking.
According to a study performed by the Economic Policy Institute, it costs $106,493 for a family of four to get by for a year. That’s just the cost of living, which does not include saving money or going on vacations.
“This does not mean a middle-class lifestyle,” Elise Gould, a senior economist with EPI, says. “This is just living, no savings.”
A total of 618 metro areas were observed for the study, which calculated the cost of living in each based on “the costs of housing, child care, food, transportation, health care and other necessities (such as school supplies and clothing), as well as taxes.”
The biggest reason for the massively inflated cost of living in the District is child care. The study reports child care costs $31,158 on average for a year, making it the most expensive city to raise a child in the U.S.
The total cost is nearly $3,000 per year more than any other city, and it’s one of just two cities that require $100,000 or more to get by.
A trio of New York cities follows D.C. on the list: Nassau-Suffolk at No. 2, Westchester County at No. 3 and New York City at No. 4. Stamford-Norwalk, Conn., which is just outside of New York City, comes in at No. 5, Poughkeepsie-Newburgh-Middletown comes in at No. 7, Ithaca comes in at No. 8 and Danbury, Conn., comes in at No. 10, meaning seven of the 10 most expensive cities to raise a family of four — that is, two parents and two children — are either in New York or Connecticut.
The other cities that appear on the list are Honolulu (No. 6) and San Francisco (No. 9).
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