Yahoo Finance Don’t Buy a House in These 6 US Cities With the Highest Costs of Schooling and Child Care
Raising a child in the best environment is a common reason to relocate, but not every city has affordable schooling and child care for the average working family.
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According to the latest Consumer Price Index, daycare and preschool costs increased by 4.9% between May 2023 and May 2024.
A report from Child Care Aware of America found that the national average price of child care for 2023 was $11,582. The report stated that it would take 10% of the median income of a married couple with children to afford this national average price. For a single parent with children, it would take 32% of their median household income. This is more than the U.S. Department of Health and Human Services’ recommendation of 7% of annual income spent on child care.
Beyond child care, all children in the U.S. are guaranteed a free education at their local public school, but private schools charge tuition and other fees. The CPI report showed that elementary and high school tuition and fees increased by nearly 5% during the same period.
The cost of child care and schooling does vary by city and state, as data from Care.com and Niche, and a cost of child care report by AAAStateofPlay, show.
New York City
Average cost of child care: $35,160 per year
Average cost of private schooling: $35,000 to $55,000 per year
According to Care.com, it costs approximately $2,930 per month for 130 hours of childcare, or $35,160 per year. Households spend the largest portion of their income on child care in the Bronx (47%), based on data from AAAStateofPlay.
CollegeVine reported that the average annual tuition to attend a private high school in NYC ranges from $35,000 to $55,000. Many schools fall above and below this range, and CollegeVine noted that many private schools offer financial aid.
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Boston
Average cost of child care: $35,496 per year
Average cost of private schooling: $45,000 to $65,000 per year
Infant care is $2,958 per month, or $35,496 per year, in Boston. According to AAAStateofPlay, households spend 28.31% of their median household income ($80,260) on child care in the Boston metro area. Attending some of the Boston area’s best private schools costs anywhere from $45,000 to $65,000 per year, based on data from Niche.
Fresno, California
Average cost of child care: $30,012 per year
Average cost of private schooling: $10,000 to $35,000 per year
It costs $2,501 per month for infant care in Fresno, Care.com reported. Households in this city spend approximately 26.19% of median household income on child care. Private schooling in Fresno is more affordable than in larger metropolitan areas, ranging between $10,000 and $35,000, Niche reported.
Bakersfield, California
Average cost of child care: $27,612
Average cost of private schooling: $13,000 to $15,000 per year
Based on data from Care.com, the monthly cost of infant care in Bakersfield is $2,301 for 130 hours of work, amounting to $27,612 annually. AAAStateofPlay data shows that 26.14% of the median household income is spent on childcare in the Bakersfield metro area. Most households spend $13,000 to $15,000 per year on private schooling, but schools may fall above or below this range, according to Niche.
Milwaukee
Average cost of child care: $27,864 per year
Average cost of private schooling: $10,000 to $30,000 per year
Infant care starts at $17.86 per hour in Milwaukee or about $2,322 for 130 hours of care, Care.com reported. This makes up 26.04% of median household income in the Milwaukee area. Families can expect to pay anywhere from $10,000 to $30,000 per year on private schooling, per data from Niche.
Los Angeles, CA
Average cost of child care: $39,324
Average cost of private schooling: $30,000+ per year
Los Angeles child care and schooling are among the priciest in the U.S., but residents here spend a lower portion of their household income on these expenses. According to Care.com, the monthly cost of infant care is $3,277, and AAAStateofPlay notes that these costs make up 24.02% of the median household income in Los Angeles County. According to the Education Data Initiative, top schools in Los Angeles can be $30,000 or more.
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This article originally appeared on GOBankingRates.com: Don’t Buy a House in These 6 US Cities With the Highest Costs of Schooling and Child Care
