The whole doctor being poor post got me thinking a bit about costs.
Specifically, what it costs to be what is called a “Modern Orthodox Jew” in the New York Tri-State area. Now, I do not have a family yet, so I don’t have these costs. I also do not know exactly how much each item costs, but I took educated guesses in my numbers.
The biggest item is tuition. I would guess if you had four or five kids in private school, they would give you a break on tuition. Imagine $60,000 a year for four kids, $75,000 for five kids. I assume you get a discount as you keep adding kids. Keep in mind, all your kids are not the same age, so then you have High School and college.
Another thing about being an orthodox Jew and living in New York is that you have to really live in a “Jewish neighborhood.” Homes are simply not cheap in NY, especially in areas where there is demand set by having to be in walking distance to a local synagogue. A typically home in Teaneck, NJ would go for a $800,000 to $1.2M on average. Out by me, maybe $600,000 to $850,000 on average. Brooklyn, Manhattan, forget about it. Figure your mortgage will cost you at least $40,000 per year with taxes, if you bought now.
These numbers may be off, but I think the approximates are not bad. I can be wrong, if so, feel free to correct me.
Honestly, these numbers seem too high. Something doesn’t seem right…