The MIT Living Wage Calculator is a tool designed to estimate living costs in a specific location and determine the wage needed to cover those basic needs. It’s helpful for individuals, communities, and employers to understand the true cost of living in an area. Here’s some key info:
- Features: Estimates living wages for various family compositions (e.g., single adult, two adults with children) across the U.S. by county, metro area, and state. It considers expenses like housing, food, transportation, childcare, and healthcare.
- Access: You can find it on the MIT Department of Urban Studies and Planning’s website: https://dusp.mit.edu/projects/living-wage-calculator
Additional points to consider:
- The living wage is distinct from the minimum wage, which is often lower.
- The calculator offers a snapshot of basic needs, not including savings or discretionary spending.pen_spark