DC Among Costliest Metros to Raise Families
A recent analysis of Economic Policy Institute data finds that DC is among the costliest metro areas in relation to annual expenditures on necessities. The data factors in the cost of necessities for over 600 metropolitan areas across the US and can be adjusted by family size. DC came in as the second most expensive metro area for a two parent, one child household with an annual cost of $81.7k to cover basic needs. One factor mentioned by EPI that provides a fairly predictive indicator of costs in an area is commercial rental rates, as higher rents are generally passed on to consumers in the form of higher prices. The area of Nantucket and Dukes on the Massachusetts coast came in first in the analysis with an annual expenditure necessities of $85.1k. EPI is a nonprofit think tank that advocates for economic policies that benefit low and middle-income workers. [NBC]
