New York · Fortune Technology
Frankweiler, in which the two young children, yearning to leave their self-described dull Connecticut suburb
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Well, nearly 60 years after the publication of E.L.
Key facts
- Care for an infant and a 4-year-old averages $28,190 a year nationwide, which would take a household income of $402,708 to stay within the federal 7% affordability benchmark
- A buyer needs at least $211,970 in household income to afford a median-price home in New York City, nearly three times the national figure, according to StreetEasy, though that is down $10,625
- In New York, the city had about 110,000 births in 2019 and fewer than 100,000 a year since 2020
- An FPI report from June 2024 found that New York City households with a child under 6 were 112% more likely to leave
Summary
If you were lucky enough to grow up in the New York City school system, you more likely than not came across the story of Claudia and Jamie Kincaid in the children’s classic From the Mixed-Up Files of Mrs. Basil E. Konigsburg’s book about two kids running toward the city and away from their suburb-living parents, there are increasing signs of the complete opposite occurring: Parents are taking their kids out of the New York City school system, and out of New York City entirely, and heading for the burbs, thanks to the increased cost of raising a child here. A decade ago, the city had over 1 million public school students, but this year it has 885,000, City Comptroller Mark Levine said in a social media post on X—and he expects another 150,000 fewer over the next decade. Levine said that cost is part of the story.