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For another data point, my wife and I live in Cambridge, MA we just hired a nanny for our 6 month old son at a rate of 23/hr for 30 hours per week (~35k/yr)...
by yanslookup 7y ago
For another data point, my wife and I live in Cambridge, MA we just hired a nanny for our 6 month old son at a rate of 23/hr for 30 hours per week (~35k/yr)... This was competitive with nearby day care center rates.
- ben7799 7y agoYes I was referring to Kendall Sq. day cares when thinking of $36-40k/yr. I worked there when my child was born.
- DrAwdeOccarim 7y agoWe had our kid in the infant class at a chain daycare in Central, $3400/mo. His older sibling was $2900/mo. And the care wasn't even that great...We moved them to a daycare closer to our house, a little further out. The costs went down 25% and the quality went up dramatically. It's really amazing how hit or miss the quality of the day care options are in the area, and how obscenely expensive it all is. But it's an easy equation for them--you simply look at the after-tax income of a biopharm mid-career professional and you make it cost that. The families are willing to pay that amount of money for 3-4 years because leaving a parent out of the workforce causes a loss of career trajectory and a subsequent loss of future income. Basically you sacrifice a few years of current earning to not lose out on the time in role.
- defen 7y ago> 23/hr for 30 hours per week (~35k/yr) Don't forget about the "nanny tax" (Household employer tax). You might not have to pay it this year if you're under the threshold but you probably will next year: https://www.investopedia.com/terms/n/nanny-tax.asp https://www.investopedia.com/terms/n/nanny-tax.asp