The cost of living in Missouri varies significantly based on family size and employment status.
Cost of Living Variances Based on Family Size and Employment Status in Missouri
For a family of two adults and one child in the state and the minimum annual income required is $69,578. This figure covers essential expenses like housing, food, transportation and basic needs. Costs increase with family size, reaching $79,529 for two children and $84,172 for three children when one parent works, according to the report of The Kansas City Star.
In dual-income households in Missouri supporting one child necessitates an annual income of $80,545. For two children, the requirement rises to $101,142, and for three children, it peaks at $114,544 annually. These figures reflect the additional expenses families face when both parents work, including childcare costs and increased financial responsibilities.
The analysis highlights the variability in living costs across family types and regions. It suggests that while having one parent stay at home can reduce childcare expenses, overall costs remain high due to factors such as local job markets, housing prices, and healthcare expenses. These factors contribute significantly to the minimum income thresholds families must meet to cover essential living expenses in Missouri.
(photo: Redfin)
Financial Strain on Single Parents in Missouri Exceeds Dual-Income Benchmarks
Single parents in Missouri face higher financial requirements compared to dual-income households. According to the study, a single parent raising one child needs an annual income of at least $71,239 to cover basic necessities. This amount increases to $90,085 for two children and rises further to $115,945 for three children, reflecting the increased financial strain of sole responsibility for childcare and other expenses.
Overall, the analysis underscores the financial challenges Missouri families face in meeting the basic needs of children. Whether through single or dual-income arrangements, the costs of raising children remain a significant consideration. These figures provide valuable insights into the financial realities confronting Missouri families as they navigate economic conditions in the state.
