Missouri families must earn this annual salary to live comfortably in 2024, new data shows
Raising kids can get expensive quickly. But just how pricey has it gotten for parents to do so these days?
A recent SmartAsset.com analysis used the MIT Living Wage Calculator to gather the basic cost of living for couples with children in every state.
The average minimum income needed to afford necessities like food, housing, and transportation for two adults in the United States is $62,766, or $31,383 per person.
How much do Missouri parents need to earn to cover the basics? Here’s what the data shows.
Minimum income needed for Missouri parents
The minimum income needed to support a family climbs for every child. The MIT study indicates that while the minimum income needed increases, the cost per child decreases for every child in the family.
Here’s how much a family in Missouri would need to earn in minimum salary to cover the basic needs in 2024:
- 2 adults (1 working), 1 child: $69,578
- 2 adults (1 working), 2 children: $79,529
- 2 adults (1 working), 3 children: $84,172
- 2 adults (2 working), 1 child: $80,545
- 2 adults (2 working), 2 children: $101,142
- 2 adults (2 working), 3 children: $114,544
The SmartAsset.com analysis says that if one parent stays home to care for children, families can potentially save on childcare costs.
“Despite these general trends, the minimum costs required to support a family — such as housing, food, medical care, transportation, and childcare — can vary due to local job and housing markets, city infrastructure and legislation, and even social and cultural influences,” the analysis says.
For single parents, here’s how much the study says you need to make to cover necessities:
- 1 adult, 1 child: $71,239
- 1 adult, 2 children: $90,085
- 1 adult, 3 children: $115,945
For adults with no children, here’s the minimum salary needed for the basics:
- 1 adult, 0 children: $42,024
- 2 adults (1 working), 0 children: $58,343
- 2 adults (2 working), 0 children: $58,136
