4 ms·

If you can afford a million dollar house you can probably afford private schools.

• uberman 6y ago
  You might think so, but you might also be surprised. Monthly costs for a million dollar house are probably in the $7000 range at the moment. While the cost of tuition (not including room and board) for a single kid at the private school we wish we could send our kids to is $40,000 a year payable in two installments. To be clear this is for a primary school, not a college/university. We have 3 kids, so for us that would be 120k yearly for private education (no room and board just tuitions) vs 85K in yearly housing costs. There are plenty of places in the US where a million does not buy you much of a house. A while back I was offered a job in the Santa Barbara area. A nice little two bedroom until at the end of the international airport runway was a million dollars. To get something there in the range of our current house was going to cost 3 to 15 million. Needless to say, I did not accept their offer to take a radical reduction in our standard of living.
  • giantg2 6y ago
    I've seen private schools here (PA) for $5k-10k per year with a reduction in price for each subsequent child.
    • viswansh 6y ago
      He is right. Again the cost is delta. Right now we are already paying 3k for our home. So an extra 4k per month is what we will be spending for the schools for 2 kids. I think thats reasonable. Also not all investment is lost as the money is going towards equity ( even though its negligible in the initial years ). Wish the solution could be much simpler :)