We often hear about the cost of living and increasing prices, but what does it mean to achieve a modest yet adequate standard of living in the metro Atlanta area? Today, we’re diving into a powerful tool from the Economic Policy Institute: the Family Budget Calculator.

This tool provides an interactive calculator using 2024 dollars to show income needed for 10 different family compositions in terms of number of adults and children. The calculator takes into account location, as you can search for the annual budget needed to sustain this standard of living at a state, county, or metro level.

The calculator provides a breakdown of monthly and annual spending for the following common budget categories:

  • Housing
  • Food
  • Child Care
  • Transportation
  • Health Care
  • Other Necessities
  • Taxes

Each category includes explanatory definitions, like the following for the “Other Necessities” category:

Other necessities include apparel, personal care, household supplies (which include items ranging from furnishings to cleaning supplies to phone service), reading materials, and school supplies. The costs for these items come from the Bureau of Labor Statistics Consumer Expenditure Survey, and use data reported for households in the second (from the bottom) fifth of households in the household income distribution.

So, what do the numbers say about metro Atlanta? Obviously, a wide range exists in family composition and specific location within the metro area, but for illustration purposes we will highlight the calculator’s estimated budget needed to maintain a modest lifestyle for the 2 ends of family spectrum in metro Atlanta: single adult with no children and two adults with four children.

To maintain a modest yet adequate standard of living for an individual living in metro Atlanta, the calculator estimates one would likely:

  • Earn $61,293 annually;
  • spend almost $1,600 / month on housing;
  • spend $374 / month on food;
  • spend $0 / month on child care (no surprise here!);
  • spend over $1,000 / month on transportation;
  • spend over $450 / month on health care;
  • spend and over $650 on other necessities; and
  • spend about $950 / month on taxes.

The estimated monthly expenses for this individual totals $5,108.

By contrast, the largest family composition in the budget calculator (two adults, four children) could expect the following to maintain this same standard of living in metro Atlanta:

  • Earn $145,367 annually;
  • Spend $2,230 / month on housing;
  • Spend over $1,600 / month on food;
  • Spend over $1,300 / month on child care;
  • spend over $1,700 / month on transportation;
  • spend almost $2,000 / month on health care;
  • spend almost $1,300 / month other necessities; and
  • spend almost $2,000 / month on taxes.

The estimated monthly expenses for this family adds up to just over $12,000.

While the precise definition of a “modest yet adequate lifestyle” is up for debate, this calculator gives a good approximation for maintaining a budget within reason for different family sizes. So, take it out for a spin and see if it aligns with your experience!

Image credit: https://www.clevergirlfinance.com/family-budget/.