Living within driving distance of NYC definitely has its perks, but there are some challenges. One such impediment would be the often high cost of living and raising a family in the Hudson Valley. Though we certainly aren’t the most extravagant or heavily taxed U.S. locale, we still manage to be counted among our nation’s most expensive.
According to a new MarketWatch report (based on criteria established by the Economic Policy Institute), Poughkeepsie-Middletown-Newburgh has collectively ranked as the country’s seventh-costliest area to raise a family of two parents and two children, averaging $92,837 annually. The data is derived from what EPI considers basic necessities for a modest lifestyle, i.e. housing, childcare, food, transportation, health care, and taxes. Yet, Poughkeepsie-Middletown-Newburgh’s number still approaches six figures per family. And like many regions surrounding a major metropolis, much of this hefty price tag can be attributed to homeownership burdens.
But before you get too dispirited, know that our neighbors to the south in Westchester came in third on MarketWatch’s roundup, somehow ahead of even the city itself. So perhaps living that extra couple train stops north helped make your clan’s summer vacation a reality.