It’s not easy raising one child, let alone two, without a dual income.
Now imagine single parenting in a pricey housing market, where most high-paying jobs are concentrated. Unfortunately, the dollar amount required for a secure household in some of the biggest cities reaches far beyond mid-range wages, according to a new report.
CareerTrends, Graphiq’s employment research site, used the Economic Policy Institute’s 2015 Family Budget Calculator for location-specific overhead on childcare, food, healthcare, housing, taxes and transportation across 618 communities.
With these expenses in mind, the national average cost of living for single parents is $4,818 per month, with seven locales requiring single parents to make over $7,000 per month:
Single parenting priciest in the Northeast
The highest cost of living for single parents raising two kids lies in the nation’s capital, with a monthly expense of $8,669.
The annual cost of living in D.C. is $104,027 — far beyond median income, which is just under $70,000, according to U.S. Census findings from 2010-2014. This leaves many single parents under the line for providing the absolute necessities, let alone savings.
[Tweet “The highest cost of living for single parents raising two kids lies in the nation’s capital”]
After Credio ranked New York the priciest state in the U.S. for childcare costs, it shouldn’t be much surprise that four out of the top 10 — and 12 out of the top 50 — most expensive cities for single parenting are in the Empire State.
New York City hit second in the nation, with $7,795 monthly costs and a steep $93,534 annual cost of living.
At no. 4, San Francisco’s monthly cost of living for single-parent, two-child households is $7,404, equaling an annual $88,848. Silicon Valley isn’t much better at $6,654 per month and just under $80,000 per year, ranking 1oth on the list.
[Tweet “San Francisco’s monthly cost of living for single-parent, two-child households is $7,404”]
Los Angeles-Long Beach isn’t as steep as you might assume, at least in comparison to the top cities. The monthly expenses reach $5,769, or $69,230 per year.
Other SoCal cities are similar in cost, including Santa Barbara at $5,991 monthly ($71,886 per year). San Diego costs $5,770 per month and $69,244 per year, landing one spot above L.A.
Although closer to the bottom of the list, Baltimore-Towson still requires $5,708 per month and $68,490 per year for single parents to get by realistically.
Chicago isn’t exactly cheap, either — but still not as expensive as comparatively sized cities. The monthly cost for single parenting in the Windy City is $5,439 per month, or $65,273 per year.
For the full list, check out the study on CareerTrends.