How much do five NYC kids cost a year?
What’s the annual price of having five kids in Manhattan? We tallied up some of the major expenses:
“Any nanny with experience is going to command a minimum $52,000 a year,” says Cliff Greenhouse, president of the Nanny Authority placement agency. “$100,000 or more is not out of the ordinary.” Families with five kids regularly employ two nannies, and often a third for weekend duty. The average annual cost for one part-time and two full-time nannies: $250,000.
According to New York real estate appraiser Miller Samuel Inc., the average price for a condo with four or more bedrooms in the fourth quarter of 2010 was $8,047,255. The average monthly rental price was $12,941.
The NY State Association of Independent Schools reports the median tuition for private school is $28,925; the average annual cost of sending five kids to private school: $144,625.
The Department of Agriculture’s child-cost calculator estimates that a family in the Northeast with five children pays $9,329 annually.
The DA’s child-cost calculator estimates the annual price tag for clothing five kids is $3,979.
TOTAL COST= $563,225