Typical Bay Area couple. We own a house. mortgage and property tax cost us 4500. After that with groceries, insurance, gas etc etc we end up at 8k per month spend. We have a one year old and expecting another one this year. We will be stopping at 2 kids. I am trying to guesstimate how much the expense will change for me with two kids. Does anyone have any rough numbers for Bay Area specifically in some years range because I believe it will vary. 1-5 years (before public school), 5-18 (School) 18-22 (college). #personal finance
Daycare will run you $4k+/mo for two kids. Camps and activities in the summer when they are older are $400/wk per kid.
Experiencing a similar situation and yea, once you’re done with daycare/preschool you’ll stop paying so so much
Geez In the south we have mortgage monthly payment of 2700 for a 4b 3b, 3000 square ft home in a nice neighborhood. Our total spending per month is less than $4k. 2 kids.
"Typical Bay Area couple. We own a house. mortgage and property tax cost us 4500." Typical 🤣
TCO per kid in the bay area is 1m until 18 year. This is normal and nothing fancy (public school)
Including another $200k-$400k for undergraduate tuitions and dorm. Come out to about $1.5m!
This seems high. For private school yes, but how do you spend $55k per year per child during middle and high school if you go public? I’m not really counting food and housing for the kid, as it’s marginal on top of your and your spouses expenses
Thank your stars that your mortgage is only $4500. Kids before public school will cost you 5-6k if you send them both to daycare. With nanny for younger one and daycare for other, atleast 7.5-8k. Also share your household TC.
Either you put in a big amount for down-payment or your public school rating is not great. So, account for private school or moving to better school district between 5-18, if latter is true
Also, add saving for college for both of them. You will have both kids attending college at the same time.
2 kids are driving me broke. Hahaha
Expense for kids varies depending on their age. You might think it will come down once they are out of daycare but not for long. I would assume a family in Bay Area with 2 kids will end up spending 5-10k per month outside the mortgage. This would include utilities , car payments , insurances , coaching and summer activities for kids, subscriptions, groceries, eating out, gas and so on. Even if you sent kids to public school you will still have to pay for other activities.
Can confirm we have 3 kids in Bay Area and spend $9-10k per month outside mortgage. We have practical cars, don’t eat out a lot, only “necessary” shopping etc but we do enjoy vacations so we could save there (but don’t want to)
10k a month? Kids don’t need to be spoiled with activities to that level. Growing up I didn’t join any camps/clubs and did just fine with friends playing sports all day. I feel parents just overdo it these days enrolling kids into all these organized activities. I have a feeling it’s probably day care that’s so expensive.
I’m Bay Area couple with 3 kids under 7. Mortgage and property tax is $6,000+ per month and we spent $15k per month total on mortgage and everything else. It’s crazy. I’m impressed with your $8,000 / month - any tips?
Your numbers are reasonable and inline with what I have seen in Bay Area. I know it’s a big number and lot of people outside Bay Area thinks it’s a lot but in reality it’s what people have to spent for basic no luxury life style.
This sounds about right for us
Day care per month alone is ~ 3000 depending on area.
What? Daycare just $3000 a year? Or are you missing an extra zero?
I think they meant per month?