Cost to raise a child in NY

amother

Tue, Feb 07 2023, 7:29 pm

How much would the total cost be to raise a child from birth until about age 20 in NY these days? I'm looking for an average...what the total expenses would be including food clothes daycare tuition camp etc.
Would a second child be double that?

salt

Wed, Feb 08 2023, 2:47 am

Not answerable.
Too many factors.
Some things would cost double for 2 kids- eg. camp (unless 1 kids hates going to camp!), tuition, food.
Some things would be the same - eg. renting an apartment with an extra room - the 2 kids can share a room.
Crib, you can reuse for the 2nd child. And when you need to buy a bed for the 2nd child, you can sell the crib.
Clothes, depends if it's a boy and a girl. Or if they can share clothes or pass them on.

As for actual cost, I won't answer, as I don't live in NY.

amother

Kiwi

Wed, Feb 08 2023, 4:04 am

I once ran the numbers and concluded that if you put $150,000 into the stock market at birth you'll be able to raise a child to age 20 with all expenses covered. I accounted for historical stock market fluctuations (ran the calculations against recession years also) though I did not account for inflation.

However, practically you can raise a child on whatever amount of money Hashem sees fit to give you, as long as you are humble enough to take assistance if it is needed and you don't have preconceived ideas of exactly how life must look.

Amarante

Wed, Feb 08 2023, 7:18 am

You can fill in your numbers but the cost for raising ANY child is more than $10,000 for 18 years

You would probably have to adjust upwards because this is based on cost of public school and non kosher food.

Average (I.e. including high and low cost areas) is $310,605 to the age of 18.

https://www.washingtonpost.com.....ator/

amother

Lavender

Thu, Feb 09 2023, 4:59 am

This is a really hard calculation, but you can be sure it's very expensive. Babies have initial "start up costs" for basinette, cribs, high chairs, strollers, car seats, play pens, baby monitors, some of which can be passed on to other kids depending on spacing of the next child. These costs can and do run into the thousands of dollars. Diapers and formula are very expensive. Nursing is free but not for everyone. Education is going to be the largest cost in Jewish life. You need to account for the part of the community in which this child(ren) will be raised. For example, children in Chassidish schools in the NY area may have $6K a year tuition, where children in MO schools may have $25K and up per child. High school is even more. Are you accounting for SAT prep classes through secular college ($150K and up) or a chassanah with 800 people when your child is 18-20? Is there yeshiva, seminary? Clothing varies by community as well. Uniforms versus clothing of your choice. Hand me downs versus new for each child. The advice upthread to start saving early is a wise one. Kol Hakavod for being fiscally responsible and thinking about this.

graphic613

Thu, Feb 09 2023, 5:40 am

This is hard to calculate. I think it is more practical to say 'how much does it cost to raise a toddler? Newborn? Teenager? ' and even then it would depend on your standards... Like maybe you won't pay for heth insurance... Maybe you will.... Maybe your child will go to swimming lessons or need a tutor.... Every little thing can offset the amount.
It won't be cheap- I'll tell you that much!