Photo: Cultura/REX USA.
Forget about saving up for that Birkin bag. Did you realize that if you plan on having a family in New York, you should be putting aside twice as much money as your friends in other parts of the country?
According to census figures analyzed by United States Department of Agriculture economist Mark Lino in a new report, it could cost middle-class parents in NYC at least $500,000 to raise a child here — which is almost double the national average of $245,340.
Why are the costs dramatically higher in New York City? Food is more expensive here, but — no surprise! — Lino says that "off the charts" housing is what really drives up the price tag.
"People are still having children, but they're seeking out places where they can get a job and it's more affordable," Lino told the New York Post. "Some of the fastest growing parts of the country are the metropolitan areas in the South and Midwest. One reason is economic, with the biggest economic reason the cost of raising a child."
A half-million dollars sounds like an insane amount of money to us. But, since we don't feel like leaving our favorite place on Earth (and you probably don't either), now's presumably the best time to start saving for that future bundle of joy. (New York Post)