If you live in South Florida and are thinking about having another baby, it has never been more expensive. A new study from Investors Observer looked at fifty metro areas across the country, and Miami ranked in the top ten least affordable for families.
Even with two working parents, most households here come up short. Families in Miami face an average deficit of about 3,900 dollars for one child, 14,800 for two, and almost 40,000 for three. Daycare and preschool prices have gone up more than twenty percent since 2020, and infant care now averages more than two thousand a month.
Here are the ten least affordable metro areas for families in the United States:
- Detroit
- Cleveland
- Philadelphia
- McAllen
- Milwaukee
- Miami
- New York City
- Riverside
- Los Angeles
- San Diego
Experts say there are a few ways to ease the pressure. Taking advantage of a dependent care FSA through your job allows you to set aside money before taxes for child care. Some parents are saving by teaming up with another family to share a nanny or adjusting work schedules to cut costs. Financial planners also recommend building an emergency fund that can cover at least six months of expenses before expanding your family.
At the end of the day, raising kids here is doable, but it takes planning and honesty about what you can afford. Before baby number two, take a good look at your budget and make sure you are ready for what comes next.