Home Prices By Town for 2022 (Boston: construction, public schools, college)

[charolastra00]

Originally Posted by msRB311

She has mentioned she has a partner but never seems to include his earnings in all of this.

He's a small business owner trying to sell the company, but also has almost 4 times his current income in law school debt and the business itself is profitable but so capital intensive that it is heavily indebted as well. He also is an only child with parents who have relied on his business to pay off their mortgage and have no retirement savings of their own and who are in their late 60s/early 70s so is planning on supporting them in their retirement.

It is not rational to make future plans with his finances in mind when his contributions to a household will be relatively negligible as of right now. Obviously, if he sells the company, uses the proceeds to pay off his student loans and contribute to a downpayment, and finds a 6 figure corporate job it would be a different story. But again, I don't want to count my chickens before they're hatched and so for current planning purposes only count my own income.

Honestly, my point in discussing my finances is that it's absolutely cuckoo bananas that a household income of 170K could leave someone questioning if they can afford a condo AND childcare.

[msRB311]

Originally Posted by charolastra00

He's a small business owner trying to sell the company, but also has almost 4 times his current income in law school debt and the business itself is profitable but so capital intensive that it is heavily indebted as well. He also is an only child with parents who have relied on his business to pay off their mortgage and have no retirement savings of their own and who are in their late 60s/early 70s so is planning on supporting them in their retirement.

It is not rational to make future plans with his finances in mind when his contributions to a household will be relatively negligible as of right now. Obviously, if he sells the company, uses the proceeds to pay off his student loans and contribute to a downpayment, and finds a 6 figure corporate job it would be a different story. But again, I don't want to count my chickens before they're hatched and so for current planning purposes only count my own income.

Honestly, my point in discussing my finances is that it's absolutely cuckoo bananas that a household income of 170K could leave someone questioning if they can afford a condo AND childcare.

I agree, people should be able to afford a condo and childcare more easily on 170k. I think people get robbed on daycare, but everyone also come backs with, oh those people working there need to be paid too (they get paid very low) and they need to keep the lights on. I get that but it still doesn't make sense to me that each person who uses daycare gets charged $2500-3k+ to help pay minimum wage people, keep the electricity going, help them pay the rent. It just doesn't add up for me and feels scammy. Not that I think parents should expect to pay nothing for someone to take care of their precious children...but some folks HAVE to work. They don't have the option to just stay home and not bother with daycare, it's a NEED.

It's another supply/demand thing. uber wealthy people of Boston have made daycare expensive along with the rents/real estate.

It's funny how we have public schools for people to send their kids to if they choose, but no public daycare.

[newenglandgal123]

Originally Posted by charolastra00

He's a small business owner trying to sell the company, but also has almost 4 times his current income in law school debt and the business itself is profitable but so capital intensive that it is heavily indebted as well. He also is an only child with parents who have relied on his business to pay off their mortgage and have no retirement savings of their own and who are in their late 60s/early 70s so is planning on supporting them in their retirement.

It is not rational to make future plans with his finances in mind when his contributions to a household will be relatively negligible as of right now. Obviously, if he sells the company, uses the proceeds to pay off his student loans and contribute to a downpayment, and finds a 6 figure corporate job it would be a different story. But again, I don't want to count my chickens before they're hatched and so for current planning purposes only count my own income.

Honestly, my point in discussing my finances is that it's absolutely cuckoo bananas that a household income of 170K could leave someone questioning if they can afford a condo AND childcare.

Sorry to be a bit off topic here but I have to say that is really selfless of him to be financing his parents retirement. Did his parents make really poor financial decisions in their lifetime...apologies and don't mean to be nosy but this has me really curious? I've never heard of someone going to this extreme for their parents before to the point of paying off parents mortgage (I mean if I won the lotto or was a multimillionaire sure I'd be doing something like that for my family) but this is really jaw dropping that he's putting himself in such a financial scenario all while trying to pay off his own school debt and try to get ahead/make a life for himself.

[simplexsimon]

Originally Posted by msRB311

I agree, people should be able to afford a condo and childcare more easily on 170k. I think people get robbed on daycare, but everyone also come backs with, oh those people working there need to be paid too (they get paid very low) and they need to keep the lights on. I get that but it still doesn't make sense to me that each person who uses daycare gets charged $2500-3k+ to help pay minimum wage people, keep the electricity going, help them pay the rent. It just doesn't add up for me and feels scammy. Not that I think parents should expect to pay nothing for someone to take care of their precious children...but some folks HAVE to work. They don't have the option to just stay home and not bother with daycare, it's a NEED.

It's another supply/demand thing. uber wealthy people of Boston have made daycare expensive along with the rents/real estate.

It's funny how we have public schools for people to send their kids to if they choose, but no public daycare.

If people were happy to have higher taxes to afford public daycare that might be an option. Or to cut spending on other public services.

I don't know about other places, but my daycare pays the workers a decent salary with benefits...far from minimum wage.

[timberline742]

Originally Posted by simplexsimon

If people were happy to have higher taxes to afford public daycare that might be an option. Or to cut spending on other public services.

I don't know about other places, but my daycare pays the workers a decent salary with benefits...far from minimum wage.

Liability insurance is through the roof for this industry. That's one of the giant drivers of cost, and the increases in cost over the last couple of decades.

[msRB311]

Originally Posted by simplexsimon

If people were happy to have higher taxes to afford public daycare that might be an option. Or to cut spending on other public services.

I don't know about other places, but my daycare pays the workers a decent salary with benefits...far from minimum wage.

Not sure what you mean by decent salary...I have no problem with them getting benefits but maybe daycares pay these people more than they are worth and it's the customer that pays the price. It's tricky because you want your kids taken care of well...but it seems like people have a hard time making this work or struggle during the daycare years between mortgage payments and daycare payments.

[simplexsimon]

Originally Posted by newenglandgal123

Sorry to be a bit off topic here but I have to say that is really selfless of him to be financing his parents retirement. Did his parents make really poor financial decisions in their lifetime...apologies and don't mean to be nosy but this has me really curious? I've never heard of someone going to this extreme for their parents before to the point of paying off parents mortgage (I mean if I won the lotto or was a multimillionaire sure I'd be doing something like that for my family) but this is really jaw dropping that he's putting himself in such a financial scenario all while trying to pay off his own school debt and try to get ahead/make a life for himself.

That's unfortunate about the parents. It could be cultural too. Can he help them in non-financial ways?

1) sell business, 2) pay off school debt, 3) become stay at home parent and avoid daycare costs while she works and brings home the bacon.

[newenglandgal123]

Originally Posted by msRB311

Not sure what you mean by decent salary...I have no problem with them getting benefits but maybe daycares pay these people more than they are worth and it's the customer that pays the price. It's tricky because you want your kids taken care of well...but it seems like people have a hard time making this work or struggle during the daycare years between mortgage payments and daycare payments.

Maybe more companies here should have onsite daycare where folks can contribute pre tax dollars toward funding their child's care.

[msRB311]

Originally Posted by simplexsimon

That's unfortunate about the parents. It could be cultural too. Can he help them in non-financial ways?

1) sell business, 2) pay off school debt, 3) become stay at home parent and avoid daycare costs while she works and brings home the bacon.

Having him stay home and take care of the kids is a great idea...but from what I recall i think he is in upstate NY? I say have him in sell the business, move to Boston and he can be the daddy daycare.

[simplexsimon]

Originally Posted by msRB311

Not sure what you mean by decent salary...I have no problem with them getting benefits but maybe daycares pay these people more than they are worth and it's the customer that pays the price. It's tricky because you want your kids taken care of well...but it seems like people have a hard time making this work or struggle during the daycare years between mortgage payments and daycare payments.

Based on the PPP loan they received and knowing how PPP loan amounts are calculated, I figured the average worker at this daycare earned around $54k in 2019.

Compared to other daycares in the area its definitely on the higher side for pricing and probably because they're not paying minimum wage. Turnover has been minimal. My wife really likes it so its going to be hard to switch at this point!