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How many kids
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amother


 

Post Sun, Jan 25 2015, 12:12 am
With a combined income of about $100,000, how many kids would you say a frum family can comfortably afford? Yes this is theoretical but constantly on my mind.
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amother


 

Post Sun, Jan 25 2015, 12:18 am
R u living in Brooklyn or Cleveland? Do u want to own a house with a typical $2500-$3000 mortgage? To live in an area where housing is a minimum of 500K, if u would like to pay most of ur tuition, I'd say not more than 2 children can realistically fit within a budget of 100k assuming no parental/relative help.
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amother


 

Post Sun, Jan 25 2015, 12:21 am
Money is so transient. How do you know that you will have tomorrow what you have today?

And how do you want to afford these kids? Do you just want to be able to provide or do you want to provide the best or something in between? Where do you live? How much is your mortgage/rent? Where would you want to send them to school? What's your tuition ballpark?

This is an unanswerable question because there are so many variables.
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amother


 

Post Sun, Jan 25 2015, 12:23 am
Would be New York or New Jersey area but not Brooklyn or manhatten- Would like to buy a house around $500,000 range if/when we can comfortably afford it. Right now we are fine with renting. I don't know too much about tuition so can't answer that one.
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amother


 

Post Sun, Jan 25 2015, 12:29 am
First, on $100,000 you cannot afford a house that is $500,000. That is not possible.

There are so many variables. If you attend modern orthodox schools in NJ then you would need over $200,000/year for 4 kids.
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amother


 

Post Sun, Jan 25 2015, 12:52 am
Elementary school is 50,000$ per kid? I'm pretty sure where I live elementary school is 10,000 a year...
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SRS




 
 
    
 

Post Sun, Jan 25 2015, 1:03 am
A 100K combined salary should put you out of even thinking about a 500K home unless you have a massive downpayment to dedicate to the purchase. As for "affording" children, I think it all comes down to tuition. If you want more children than what people will tell you that you can afford, set up a great foundation through frugality and don't go for a home that you have to stretch to pay the mortgage on each month or you will feel strapped regardless.
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asp40




 
 
    
 

Post Sun, Jan 25 2015, 9:38 am
amother wrote:
Elementary school is 50,000$ per kid? I'm pretty sure where I live elementary school is 10,000 a year...


No, I meant $200,000 in income to afford 4 children in a modern orthodox school. Tuition is about $15,000/child and your payments are post tax.
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elisheva25




 
 
    
 

Post Sun, Jan 25 2015, 10:05 am
Like every1 said, it depends on where you live....so how much housing is in that area, and how tuition is...think regular yeshiva preschool years is something like 5-8 per child, elementary is like 10/give or take. Most schools have some sort of multiple children discount. From I heard more Mo schools, (jersey) , are like 15 for elementary for a year.
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amother


 

Post Sun, Jan 25 2015, 12:09 pm
Yes where I live elementary school is not more than 10,000 per kid.

So basically a family with a combined salary of about 100,000$ can really only afford 2 kids. Got it.

Crazy.
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amother


 

Post Sun, Jan 25 2015, 12:19 pm
amother wrote:
Yes where I live elementary school is not more than 10,000 per kid.

So basically a family with a combined salary of about 100,000$ can really only afford 2 kids. Got it.

Crazy.


Well not 100% true. You can aim to have small rent/not such high mortgage. Spend 10 per kid on tuition and live on the remaining income. It could be doable. And in some cases, mortgage can be not that much higher than rent. Ex: when we were renting a Lg 2 bedroom apartment our rent was 1600. After giving a large down payment and not such an expensive house... Our mortgage is 2,000.
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amother


 

Post Sun, Jan 25 2015, 12:23 pm
amother wrote:
Well not 100% true. You can aim to have small rent/not such high mortgage. Spend 10 per kid on tuition and live on the remaining income. It could be doable. And in some cases, mortgage can be not that much higher than rent. Ex: when we were renting a Lg 2 bedroom apartment our rent was 1600. After giving a large down payment and not such an expensive house... Our mortgage is 2,000.


What's a large down payment- like over 20%?
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MrsMarmite




 
 
    
 

Post Sun, Jan 25 2015, 12:28 pm
I just want to add that lets say you just have one kid.... it could cost the 'bare minimum' yay! or you could pay thousands for braces, for therapies that your insurance doesn't cost, art classes or chess classes (hey, if its an only child, you want him to socialize..), ... things crop up all the time. you just never know.
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TwinsMommy




 
 
    
 

Post Sun, Jan 25 2015, 12:46 pm
heck we stopped at 2 and we don't even pay tuition (public school) but at age 40 still have over $100,000 in debt without yet owning a home--- I HATE that we lived in LA for 9 years. So we can't even "afford" 2 kids with no tuition.
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amother


 

Post Sun, Jan 25 2015, 3:47 pm
amother wrote:
What's a large down payment- like over 20%?



Yes, we actually gave 20%, down...I just somehow in my mind off thought its a lot.
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amother


 

Post Sun, Jan 25 2015, 10:53 pm
It boggles my mind that frum families need an income of at least 200,000$ to comfortably and modestly afford 4 kids without needing tuition breaks.
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asp40




 
 
    
 

Post Sun, Jan 25 2015, 11:11 pm
That $200,000 does not allow for vacations or anything like that. It's actually sickening.
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worknights1313




 
 
    
 

Post Sun, Jan 25 2015, 11:11 pm
There was a statistic thrown out years ago about each child costing about $150,000 to bring up. It made me laugh. The truth is that I pay no attention to any of that. I BH have a large family. Our total tuition bill was $94,000 one year. My husband's salary didn't even cover it. Why don't I worry? Because G-d has provided us with all we needed in the past, and it all somehow worked out. Whether it was through scholarships, child tax credits, an inheritance, gifts, we always seemed to get what we needed.

Statistics are not for Yidden.😉
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Reesa




 
 
    
 

Post Sun, Jan 25 2015, 11:16 pm
It depends what's more important to you, more children or more luxuries. Everyone has different definitions of needs and wants.
You can't plan your life down to the dollar. You have no idea what expenses are in store for you. This is not a question that has an answer, but good luck to you.
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asp40




 
 
    
 

Post Sun, Jan 25 2015, 11:18 pm
I didn't say to limit your family size. I was just answering a question. If you want to pay full tuition at a modern orthodox school and own a modest home then you need a minimum of $200,000/year.
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