Deciding on the location of your new home is an intimidating decision to make. But this decision becomes even more daunting when you are committing to a home where you plan to raise your family.
Will you raise your family in the city, surrounded by the constant stimulation and energy of city life where everything you need is within close proximity to your home? Or would you prefer to raise your family in the suburbs, where everything is more spacious and your family has more breathing room?
Or perhaps both options sound appealing to you and you are more concerned with the financial cost of city life weighed against the financial commitment of the suburbs. There is no right place to raise a family, so make the most informed decision based off of your personal preference, as well as with your monetary confinements in mind.
City Living Vs. Suburb Living
The closer you are to the heart of a major city, the higher the cost of living will be. Living in the city can be expensive, but depending on the location and the specific home you are looking at, living in the suburbs also has the potential to become very costly.
In their 2017 Cost of Living Report, it has been estimated that, on average, it is over $9,000 more expensive every year for a family to live in the city than it would be for them to live in the suburbs.
The difference in cost when it comes to the even larger cities is even more substantial. New Yorkers, for example, pay over $71,000 more to live in the city, and San Franciscans pay around $12,000 more to live in the city rather than the suburbs.
However, that doesn’t imply that suburb living is unattainable for families on a budget. If you are an avid city dweller, there may still be ways for you to live in the city with your family while still being mindful of your monetary restrictions. There are smaller cities in the United States where you can build a home for your family and yourself without afflicting your financial future. For example, a family can live in San Jose and only spend $1,628 more than if they would live in a surrounding suburb.
Ultimately, the decision to raise a family in the city or the suburbs is a personal choice that is completely dependent upon where someone feels the most comfortable. If cost is your major concern, please keep these price differences in mind as you begin the search for the perfect home and area to raise your family.