SEATTLE and WALTHAM, Mass., March
6, 2017 /PRNewswire/ -- City living comes with a
premium in most major metros, especially for families with kids.
Nationally, families spend an average of $9,073 more per year to cover basic housing and
child care costs in the city than in the suburbs, according to a
new Cost of Living analysis from Zillow and Care.com (NYSE: CRCM;
www.care.com), the world's largest online platform for finding and
managing family care.i
To help with budgeting this home-shopping season, Zillow and
Care.com identified three common living expenses (property taxes,
mortgage payments and child care costs based on rates listed on
Care.com) and calculated how much they cost around the country.
Nationally, families living in the city spend $43,652 a year on housing and child care. Yet, in
the suburbs they spend just $34,579.
New York, Chicago and Dallas have the highest variance between urban
and suburban living, with city dwellers paying as much as
$71,237 more a year, or nearly
$6,000 extra a month. However, city
living is not always more expensive. In Philadelphia and Baltimore, families could pay up to
$14,000 more a year to live in the
suburbs.
While high property taxes and rising home prices are usually the
reasons why city living is more expensive, child care can also play
a part. In Minneapolis, child care
is nearly $4,119 more a year in the
city, but housing costs are actually $189 cheaper.
"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 Svenja
Gudell, Zillow chief economist. "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."
In addition to potentially cheaper living costs, the median
suburban home is nearly 280 square feet larger. Meanwhile, reported
commute times are roughly the same between urban and suburban
residents.ii
"Figuring out where your family will live and grow is arguably
one of the most exciting and daunting times in a parent's life,"
added Joyce Hodel, data scientist at
Care.com. "While moving to the suburbs often brings significant
cost savings, city living can still be the right choice for some
families and is less expensive in certain metro areas. The Care.com
and Zillow Cost of Living Report aims to help families understand
how their family's housing and child care costs may change before
making that big family move."
Metro
|
Classification
|
Property
Taxes and
Mortgage
Payment
(Annual)
|
Annual
Child Care
Costs (Child
Care Center
for 2 Kids)
|
Total
Annual
Housing
and Child
Care
Expenses
|
Suburban
vs. Urban
Living
Cost
Difference
|
Median
Sq. Ft.
|
Median
Commute
Time
(Minutes)
|
United
States
|
Suburban
|
$ 15,006
|
$
19,573
|
$ 34,579
|
$ (9,073)
|
1,654
|
27.7
|
United
States
|
Urban
|
$ 22,271
|
$
21,381
|
$ 43,652
|
|
1,375
|
26.9
|
Atlanta,
GA
|
Suburban
|
$ 13,569
|
$
17,236
|
$ 30,805
|
$ (12,557)
|
1,988
|
30.6
|
Atlanta,
GA
|
Urban
|
$ 22,435
|
$
20,927
|
$ 43,362
|
|
1,611
|
28.3
|
Austin, TX
|
Suburban
|
$ 17,279
|
$
18,989
|
$ 36,268
|
$ (11,522)
|
1,988
|
26.3
|
Austin, TX
|
Urban
|
$ 25,661
|
$
22,129
|
$ 47,790
|
|
1,416
|
21.9
|
Baltimore,
MD
|
Suburban
|
$ 15,568
|
$
19,493
|
$ 35,061
|
$
10,790
|
1,525
|
30.9
|
Baltimore,
MD
|
Urban
|
$ 5,904
|
$
18,367
|
$ 24,271
|
|
1,292
|
30.9
|
Birmingham,
AL
|
Suburban
|
$ 13,338
|
$
20,820
|
$ 34,158
|
$ (696)
|
1,523
|
25.7
|
Birmingham,
AL
|
Urban
|
$ 16,498
|
$
18,356
|
$ 34,854
|
|
1,360
|
23.1
|
Boston, MA
|
Suburban
|
$ 24,483
|
$
27,078
|
$ 51,561
|
$ (8,076)
|
1,666
|
30.6
|
Boston, MA
|
Urban
|
$ 32,130
|
$
27,507
|
$ 59,637
|
|
1,262
|
27.9
|
Chicago,
IL
|
Suburban
|
$ 28,408
|
$
20,386
|
$ 48,794
|
$ (18,472)
|
1,532
|
30.2
|
Chicago,
IL
|
Urban
|
$ 45,335
|
$
21,931
|
$ 67,266
|
|
1,241
|
31.9
|
Cincinnati,
OH
|
Suburban
|
$ 15,267
|
$
16,613
|
$ 31,880
|
$ 5,514
|
1,604
|
24.1
|
Cincinnati,
OH
|
Urban
|
$ 12,607
|
$
13,759
|
$ 26,366
|
|
1,420
|
22.2
|
Cleveland,
OH
|
Suburban
|
$ 15,134
|
$
17,513
|
$ 32,647
|
$ 9,034
|
1,572
|
24.3
|
Cleveland,
OH
|
Urban
|
$ 7,625
|
$
15,988
|
$ 23,613
|
|
1,356
|
23.7
|
Dallas-Fort Worth,
TX
|
Suburban
|
$ 14,342
|
$
16,373
|
$ 30,715
|
$ (14,128)
|
1,893
|
26.8
|
Dallas-Fort Worth,
TX
|
Urban
|
$ 24,417
|
$
20,426
|
$ 44,843
|
|
1,639
|
24.6
|
Denver, CO
|
Suburban
|
$ 44,875
|
$
21,184
|
$ 66,059
|
$ 3,635
|
1,642
|
27.1
|
Denver, CO
|
Urban
|
$ 40,564
|
$
21,860
|
$ 62,424
|
|
1,215
|
24.9
|
Houston,
TX
|
Suburban
|
$ 12,584
|
$
15,268
|
$ 27,852
|
$ (5,368)
|
1,964
|
28.3
|
Houston,
TX
|
Urban
|
$ 16,538
|
$
16,682
|
$ 33,220
|
|
1,700
|
25.9
|
Las Vegas,
NV
|
Suburban
|
$ 15,934
|
$
17,711
|
$ 33,645
|
$ 7,318
|
1,800
|
23.4
|
Las Vegas,
NV
|
Urban
|
$ 10,481
|
$
15,846
|
$ 26,327
|
|
1,478
|
24.5
|
Los Angeles-Long
Beach-Anaheim, CA
|
Suburban
|
$ 34,943
|
$
21,280
|
$ 56,223
|
$ 407
|
1,608
|
28.5
|
Los Angeles-Long
Beach-Anaheim, CA
|
Urban
|
$ 34,042
|
$
21,774
|
$ 55,816
|
|
1,386
|
28.3
|
Miami-Fort
Lauderdale, FL
|
Suburban
|
$ 16,298
|
$
16,860
|
$ 33,158
|
$ (1,943)
|
1,483
|
26.8
|
Miami-Fort
Lauderdale, FL
|
Urban
|
$ 16,437
|
$
18,664
|
$ 35,101
|
|
1,222
|
27.5
|
Milwaukee,
WI
|
Suburban
|
$ 14,100
|
$
21,246
|
$ 35,346
|
$ 8,227
|
1,419
|
22.7
|
Milwaukee,
WI
|
Urban
|
$ 7,431
|
$
19,688
|
$ 27,119
|
|
1,271
|
22.2
|
Minneapolis-St Paul,
MN
|
Suburban
|
$ 14,899
|
$
19,970
|
$ 34,869
|
$ (3,930)
|
1,351
|
24.7
|
Minneapolis-St Paul,
MN
|
Urban
|
$ 14,710
|
$
24,089
|
$ 38,799
|
|
1,250
|
22.8
|
New Orleans,
LA
|
Suburban
|
$ 25,180
|
$
14,165
|
$ 39,345
|
$ 836
|
1,792
|
25.6
|
New Orleans,
LA
|
Urban
|
$
23,675
|
$
14,834
|
$ 38,509
|
|
1,661
|
21.1
|
New York,
NY
|
Suburban
|
$
28,668
|
$
23,253
|
$ 51,921
|
$ (71,237)
|
1,704
|
32.6
|
New York,
NY
|
Urban
|
$
101,590
|
$
21,568
|
$ 123,158
|
|
1,428
|
35.2
|
Philadelphia,
PA
|
Suburban
|
$
19,439
|
$
19,575
|
$ 39,014
|
$ 13,859
|
1,760
|
27.5
|
Philadelphia,
PA
|
Urban
|
$ 7,402
|
$
17,753
|
$ 25,155
|
|
1,254
|
29.6
|
Phoenix,
AZ
|
Suburban
|
$ 32,097
|
$
17,110
|
$ 49,207
|
$ 6,567
|
1,792
|
26.7
|
Phoenix,
AZ
|
Urban
|
$
26,893
|
$
15,747
|
$ 42,640
|
|
1,560
|
23.7
|
Pittsburgh,
PA
|
Suburban
|
$ 10,988
|
$
17,185
|
$ 28,173
|
$ 4,258
|
1,452
|
26.4
|
Pittsburgh,
PA
|
Urban
|
$ 6,916
|
$
16,999
|
$ 23,915
|
|
1,420
|
25.3
|
Portland,
OR
|
Suburban
|
$ 21,909
|
$
19,938
|
$ 41,847
|
$ (7,998)
|
1,625
|
24.9
|
Portland,
OR
|
Urban
|
$ 26,575
|
$
23,270
|
$ 49,845
|
|
1,452
|
25.6
|
Providence,
RI
|
Suburban
|
$ 16,394
|
$
20,473
|
$ 36,867
|
$ 6,974
|
1,483
|
25.3
|
Providence,
RI
|
Urban
|
$ 12,389
|
$
17,504
|
$ 29,893
|
|
1,296
|
22.8
|
Sacramento,
CA
|
Suburban
|
$ 19,555
|
$
18,873
|
$ 38,428
|
$ (10,822)
|
1,683
|
26.4
|
Sacramento,
CA
|
Urban
|
$ 25,847
|
$
23,403
|
$ 49,250
|
|
1,428
|
23.3
|
San Antonio,
TX
|
Suburban
|
$ 11,378
|
$
16,135
|
$ 27,513
|
$ 2,474
|
1,770
|
24.3
|
San Antonio,
TX
|
Urban
|
$ 8,126
|
$
16,913
|
$ 25,039
|
|
1,418
|
23.8
|
San Diego,
CA
|
Suburban
|
$ 30,996
|
$
21,398
|
$ 52,394
|
$ 4,555
|
1,633
|
24.8
|
San Diego,
CA
|
Urban
|
$ 27,803
|
$
20,036
|
$ 47,839
|
|
1,336
|
24.4
|
San Francisco,
CA
|
Suburban
|
$ 46,087
|
$
26,177
|
$ 72,264
|
$ (12,560)
|
1,596
|
30.2
|
San Francisco,
CA
|
Urban
|
$ 52,730
|
$
32,094
|
$ 84,824
|
|
1,315
|
29.6
|
San Jose,
CA
|
Suburban
|
$ 59,539
|
$
27,991
|
$ 87,530
|
$ 1,628
|
1,565
|
25.2
|
San Jose,
CA
|
Urban
|
$ 55,388
|
$
30,514
|
$ 85,902
|
|
1,525
|
23.7
|
Seattle,
WA
|
Suburban
|
$ 21,289
|
$
22,003
|
$ 43,292
|
$ (11,376)
|
1,816
|
28.8
|
Seattle,
WA
|
Urban
|
$ 28,349
|
$
26,319
|
$ 54,668
|
|
1,592
|
26.8
|
Washington,
DC
|
Suburban
|
$ 21,425
|
$
21,660
|
$ 43,085
|
$ (12,832)
|
1,724
|
35.2
|
Washington,
DC
|
Urban
|
$ 28,134
|
$
27,783
|
$ 55,917
|
|
1,292
|
34.1
|
Zillow
Zillow® is the leading real estate and rental
marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help.
Zillow serves the full lifecycle of owning and living in a home:
buying, selling, renting, financing and more. In addition to
Zillow.com®, Zillow operates the most popular suite of mobile real
estate apps, with more than two dozen apps across all major
platforms. Launched in 2006, Zillow is owned and operated by Zillow
Group (NASDAQ:Z and ZG) and headquartered in Seattle.
Zillow and Zillow.com are registered trademarks of Zillow,
Inc.
Care.com
Since launching in 2007, Care.com (NYSE:
CRCM) has been committed to solving the complex care challenges
that impact families, caregivers, employers, and care service
companies. Today, Care.com is the world's largest online
destination for finding and managing family care, with 12.4 million
families and 9.6 million caregivers* across 19 countries, including
the U.S., UK, Canada and parts of
Western Europe, and approximately
1.1 million employees of corporate clients having access to our
services. Spanning child care to senior care, pet care,
housekeeping and more, Care.com provides a sweeping array of
services for families and caregivers to find, manage and pay for
care or find employment. These include: a comprehensive suite
of safety tools and resources members may use to help make more
informed hiring decisions - such as third-party background check
services, monitored messaging, and tips on hiring best practices;
easy ways for caregivers to be paid online or via mobile app; and
Care.com Benefits, including the household payroll and tax services
provided by Care.com HomePay and the Benefit Bucks program, a
peer-to-peer pooled, portable benefits platform funded by household
employer contributions which provides caregivers access to
professional benefits. For enterprise clients, Care.com builds
customized benefits packages covering child care, back up care and
senior care consulting services through its Care@Work business, and
serves care businesses with marketing and recruiting support. To
connect families further, Care.com acquired community platforms Big
Tent and Kinsights in 2013 and 2015, respectively. Headquartered in
Waltham, Massachusetts, Care.com
has offices in Berlin,
Austin, New York City and the San Francisco Bay
area.
*As of September 2016
|
|
|
|
i The
Zillow and Care.com Cost of Living Report measured how much
families could expect to spend on housing and child care in urban
and suburban locations around the country. Zillow's housing costs
factored in annual mortgage payment and property taxes on the
median valued home. Annual child care costs are based on rates
listed in Care.com child care center profiles in 2016 for two
children in the same center. Weekly rates are multiplied by 52
weeks and monthly rates are multiplied by 12 months to calculate
annual rates. All Urban and suburban classifications were based off
a Zillow survey of U.S. consumers. Survey responses were then used
to create a statistical model to predict the classification for a
given zip code.
|
ii To
calculate the median size of homes in each community, Zillow took
the median finished interior square feet of homes in the urban and
suburban zip codes for each metro area. Zillow computed commute
times by taking the median commute times by zip code as reported by
the U.S. Census Bureau's 5-year American Community Survey, which
pools data from surveys between 2011 and 2015, and then took the
median commute time across suburban and urban communities in each
of these zip codes.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/families-spend-9000-more-a-year-to-live-in-city-vs-suburbs-300418193.html
SOURCE Zillow