(KSLA) - How much does it cost to raise a family in Shreveport-Bossier?
About $70,000 a year according to the Economic Policy Institute.
The nonprofit, nonpartisan think tank updated their Family Budget Calculator this week. The tool shows what families need to have an adequate, modest standard of living.
The new calculator shows that an average family of four in the Shreveport-Bossier area needs an annual budget of $70,914 to thrive. That comes down to about $6,000 per month. The Texarkana area comes in just a bit cheaper at $67,707.
When you compare the EPI budget calculator to actual incomes in the area, it shows that many people may not be earning enough to meet their family's needs. According to the United States Census Bureau, the median household income in Shreveport was $38,056 in 2016. In Bossier City the median income was $47,289.
According to EPI, the calculator takes into account geographic differences in cost of living and factors in things like housing, food, transportation, child care, and health care. The calculator has data on the cost of living for ten different types of families in all 3,142 counties and 611 metro areas in the country.