A new affordability study from the InvestorsObserver offers a rare piece of good economic news for large families, identifying several major U.S. metropolitan areas where median household income can still cover the basic costs of raising five children.

The research compared the median income of married couples against the estimated annual cost of providing basic necessities for five children, including food, child care, and medical expenses. While the report primarily highlights affordability gaps across many large metros, the data also shows that a small group of cities maintains a financial surplus—meaning median income exceeds the basic cost of raising a large family.

According to the analysis, only six major metropolitan areas posted a surplus:

• Richmond – Basic costs totaled $127,820 annually, leaving a surplus of $4,960 when compared with median married-couple income.

  

• Austin – Families faced $156,120 in basic costs, with a $6,354 surplus.

• Seattle – Despite high expenses of $204,475, median income exceeded costs by $15,362.

• Washington, D.C. – Basic needs totaled $194,800, leaving a $36,329 surplus.

• Atlanta – Costs reached $144,935, while median income surpassed that figure by $38,045.

• Louisville – The largest surplus among the metros studied, with costs of $140,660 and a surplus of $65,328.

Researchers note that these figures do not include housing, transportation, or education expenses, which can significantly affect overall family budgets. However, even with that caveat, the results stand out in a national landscape where many large metros struggle with affordability.

As families reflect on financial pressures during the holiday season, the findings suggest that, in a limited number of metropolitan areas, income growth is still keeping pace with essential child-rearing costs—offering a measure of optimism amid broader affordability concerns.

Nashville-Davidson-Murfreesboro-Franklin, TN MSA: In contrast to the InvestorsObserver findings for cities where median income exceeds the basic costs of raising five children, the Nashville-Murfreesboro-Franklin MSA presents a different financial picture: while local tax burdens for middle-class families are relatively low—Rutherford County alone has one of the lowest effective tax rates among large U.S. metros, easing take-home income for many households—overall cost pressures remain significant, particularly for child care and general cost of living. WalletHub data places the area in the middle of the pack for grocery affordability, and studies show that childcare costs in Nashville and surrounding suburbs like Franklin can rival rent, with monthly infant care averaging over $1,150 and daycare in the region often exceeding $1,200 per month, adding substantial costs for families with multiple children.

Meanwhile, research on comfortable living suggests that a two-adult family needs well over $180,000 annually to live comfortably with even one child in the broader Middle Tennessee metro, rising sharply with additional children—indicating that, despite competitive family incomes in parts of the region, expenses for raising children in the Nashville-area remain a material challenge compared with some of the metros where InvestorsObserver reported surpluses. This is especially true where property taxes are higher, as seen in Nashville and in neighboring cities within Williamson County as well.