Wednesday, March 08, 2017

It costs $14,000 more to raise a family in Dallas than the suburbs


In places like New York City and Chicago, raising a family in the city is much more expensive than in the surrounding suburbs.

Count Dallas as one of those cities, as it costs families an average of $14,128 more annually to raise two kids in the city than suburbs, according to a study from Zillow and Care.com.
It seems like conventional wisdom that it's cheaper to raise a family in the suburbs than the city, but the study shows that's not necessarily the case for all major U.S. cities.

For example, in Philadelphia, Phoenix and Cleveland, the opposite is true and it's more than $5,000 more expensive to raise a family in the suburbs than the city.

Svenja Gudell, chief economist at Zillow, said when a city's urban areas are healthy and real estate is in high demand, that drives up prices for raising a family in the city.

"Dallas sees this trend, as well," Gudell said in an emailed statement. 

"Not only are mortgage payments in the suburbs less expensive (and homes probably larger), but child care center costs are also significantly cheaper (something that doesn’t always hold true for other metros). This bodes well for young families in search of their first home in more affordable communities in Dallas."

Evan Hoopfer/Dallas Business Journal'