If you're planning on raising your family in New York — even in the 'burbs — you may want to rethink it. In case you hadn't guessed, it's really freaking expensive.
While not in the top spot (that went to Washington, D.C.), New York cities represented five out of the 10 most expensive places for a two-parent, two-child household to live, as reported by MarketWatch, using data from the Economic Policy Institute.
So which metros made the list, and just how much will they cost you?
Most Expensive Cities to Raise a Family
1. Washington, D.C. — $106,493
2. Nassau-Suffolk, New York — $103,606
3. Westchester County, New York — $99,592
4. New York, New York — $98,722
5. Stamford-Norwalk, Connecticut — $97,350
6. Honolulu, Hawaii — $94,092
7. Poughkeepsie-Newburgh-Middletown, New York — $92,837
8. Ithaca, New York — $92,603
9. San Francisco, California — $91,785
10. Danbury, Connecticut — $89,000
It'll take families nearly $100,000 each year — and in some cases, more than that — just to afford the basics, like housing, food, transportation, child care, health care, other necessities like clothing, and taxes. Meaning if you also want to put money away into a retirement or college savings account — or take a vacation now and then — you'll need to make even more.
Overwhelmingly, child care was one of the most significant line items, costing more than rent in 500 of the 618 metros surveyed.
Regardless of where you live, raising a kid is a serious expense. Check out these tips for saving money on kid essentials, and start teaching your mini-me some earning, spending and saving basics as soon as possible — they're never too young!