food and groceries $637.08
child care $701.25
medical $725.58
housing $1,324.17
transportation $1,059.03
monthly taxes $872.75
other basic necessities $512.50
The table shows the monthly basic needs budget for a 1-child family with 2 working adults in Fort Worth, Texas. What should be the average of living wages of both adults so they can support their family’s basic needs? Assume both parents work full-time (40 hours per week). Round to the nearest hundredth.
To calculate the average living wage of both adults, we need to add up all the monthly basic needs expenses and divide it by the number of adults (2 in this case).
Total monthly basic needs expenses = $637.08 + $701.25 + $725.58 + $1,324.17 + $1,059.03 + $872.75 + $512.50 = $5,832.36
Average monthly living wage per adult = $5,832.36 / 2 = $2,916.18
Therefore, the average living wage of both adults should be $2,916.18 to support their family's basic needs.