The Economic Policy Institute just released their estimates of what the cost of living is in Miami.
For a two-parent, one-child family living in the Miami-Miami-Beach-Kendall metro area, that family needs to earn $60,168 a year. And obviously, the more kids, the higher that figure becomes. Or if its a single-parent household, the smaller the number becomes.
EPI also noted that the median household income in Miami-Dade is about $47,500 (as of 2012), which means that most families are living under the study’s calculations. But below is what a typical budget looks like for that two-parent and one-child model:
Source: Huffington Post