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Urban Living Comes at a Price for Families
Living an urban lifestyle comes at a price, especially for homeowners with children, according to a recent report by Care.com and Zillow. Between child care, a mortgage and property taxes, households with children in the city spend over $9,000 more each year, on average, than households with children in the suburbs, racking up $43,000-plus in annual expenses. The difference is wider in many of the nation’s largest metropolitan areas, including: Chicago, Ill. City: $67,266 (Annual Cost of Child Care, Mortgage and Property Taxes) Suburb: $48,794 Cost Difference: $18,472 Dallas-Fort Worth, Texas City: $44,843 Suburb: $30,715 Cost Difference: $14,128 New York, N.Y. City: $123,158 Suburb: $51,921 Cost Difference: $71,237 In some metropolitan areas, however, costs are less in cities: Baltimore, Md. City: $24,271 Suburb: $35,061 Cost Difference: $10,790 Philadelphia, Pa. City: $25,155 Suburb: $39,014 Cost Difference: $13,859 “Deciding whether to live in the city or suburbs is a personal choice, but when you do the math, it’s easy to see why moving to the suburbs is about more than just a bigger yard—it can also save you a lot of money,” says Dr. Svenja Gudell, chief economist at Zillow. “More than a third of families exceed their initial budget when buying a home, according to the Zillow Group Consumer Trends Report, so before embarking on a move, consider the cost of living beyond just the home’s sticker price.” Source: ... more
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