Live in MA and pay a nanny about $55k a year. Its brutal and pushing our finances to their limits but we tell ourselves its temporary pain (2 years) to ensure the long term wellness of our child.
Massachusetts median income is 114k, child is 44k.
Mississippi median income is 56k, child is 19k. Using 2 data points, it looks like it scales.Data source: https://www.fool.com/money/research/average-us-income/
You get what you pay for
I estimated the cost per year for our 3 years old in South Korea. Compared what government estimations are we are about 20% below, probably we are kind of frugal.
Category KRW/year USD/year (≈1,400 KRW/USD) Food (home) 882,000 ~630 Kindergarten 8,400,000 ~6,000 Clothes 420,000 ~300 Toys 180,000 ~130 Flights 750,000 ~540 Eating out 720,000 ~510 Seasonal items 100,000 ~70 Miscellaneous 100,000 ~70 Books / educational items 50,000 ~35 Birthday / celebrations 50,000 ~35 Health / supplements 50,000 ~35 Total 11,702,000 ~8,360 Oh and if he was Korean the Kindergarten would be even half of that cost.
Gee… WhY ArEnT PeOpLe HaViNg KiDs???
In CA and we pay north of $40k in daycare alone for each kid.
