Daycare costs in the Hub highest in the nation
Real estate in Boston may not come with a high median price relative to other metro areas in the United States, but homebuyers still need to consider their financial situations carefully before moving to the Bay State.
According to The Warren Group, the median price of single-family homes in Boston increased 1 percent to $318,000 year-over-year. While this may be well below prices in San Francisco and Washington, D.C., the Bay state and Greater Boston area ranked number one in cost of daycare.
Daycare centers in Massachusetts charge an average of $15,000 a year to care for an infant full-time, according to a recent report from Child Care Aware of America. For one child, parents will shell out around $1,250 a month. According to the report, daycare costs weigh more heavily in Greater Boston on prospective homebuyers than anywhere else in the country, as a two-income Bay State couple, with a median income of $105,000, could spend roughly 14 percent of their pay on daycare.
Homebuyers considering Boston for their new home may want to factor in daycare costs before investing in property, especially if both parents plan to work.