WASHINGTON - Where do you think it costs more to live: D.C. or New York City? The Economic Policy Institute released a new report showing that in an economic comparison between the two cities, it’s cheaper to get by in the Big Apple.
EPI created a calculator and entered in actual monthly costs for a family of four on things like housing, which in D.C. costs $1,469 a month and $1,440 a month in New York City, according to the report. When child care, transportation and health care are factored in, it ends up costing $106,493 a year to live in D.C. and $98,722 in New York City.
According to the report, one reason there has been so much growth in the D.C. suburbs is because people can control housing costs by shopping further out. However, that comes with a flip side of higher transportation costs and longer commutes.
Read the full Economic Policy Institute report: http://www.epi.org/publication/what-families-need-to-get-by-epis-2015-family-budget-calculator/