Parents in New York City’s Manhattan borough spend more on their children than any other city in the United States. This is according to the figures published by Bundle, an online market research site that compiles data to track the spending habits of American families. The poll included figures for toys, clothing and services, leaving out food and health care bills.
The data was compiled over three years and then compared to the U.S. National Average. Manhattan was 90% higher than the average American city. Coming in second was Brooklyn at 67% higher, followed by Miami at 58%. The data proposes that people who can afford Manhattan Real Estate can afford to provide their children with the best goods and services life has to offer.
Designer items can be purchased for all ages. Starting as an infant, Manhattan babies are dressed for success in brand name clothing that can cost more than a Chicago lawyer’s suit. Swaddled in Gucci baby carriers, infants as young as six months might dawn three to five different outfits in a single day. When the kids start grade school, the wardrobe expands further, with designer shoes, jeans, tops and accessories. Then they need computers and phones and computers that pose as phones.
These goods are provided by the hard work of their New York parents, who often spend more time at the workplace than in their Manhattan homes. And working parents equates to costly daycare, possibly a live-in Au Pair. 24-hour supervision comes at a price – a high price.
Then there are the private schools. For a parent to send their child to Trinity, Collegiate or Brearley, the yearly tuition can reach over $35,000. This is before college. Add to that tutors, after school classes and sports teams and the designer clothing starts to seem like a minor expenditure.
But such is the life in New York’s most prestigious living space: Prada purse for mom and a designer pram for baby. There is a reason that Manhattan and Miami attract the most affluent investors in the world. In a word: status.
Wealthy investors from Hong Kong and Shanghai are well aware of the price of raising children. Throughout the eighties and nineties the one-child policy was in effect, bringing the nuclear family to three. A phenomenon emerged with the single child, however, where a child is so pampered, that they develop a superiority complex over their parents very early on in life. They become known as the “Little Emperor”. This is offset, however, by the Asian belief that children should be pushed as hard as adults. It is not uncommon for a three year old to speak several languages, play an instrument, and have a solid grasp on several sports. They go to school for many hours a day, even from an early age. The high pressure placed on children is rewarded with the best that money can buy, from designer clothes to first-class schools. For Asian investors eyeing New York as a place to raise their family, they will feel at home, as children are just as admired over here as in their home countries.
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