Even though one out of every three residents does not deal with tuition costs at all, for those who do, paying or saving for private school or college is a considerable burden. Among Mid-Hudson Valley residents as a whole, 33% describe tuition costs as placing a strain on their finances including nearly one in five residents who report that it places a great deal of financial pressure on their family budget.
Not surprisingly, the cost of tuition is more of a burden for residents with children than for those who do not have children. 54% of parents say paying or saving for private school or college places pressure on their family finances including 31% who report a great deal of financial strain.
Most residents with school age children feel financial pressure. 57% of these residents report a financial strain from having to pay or save for tuition including 33% who say it adversely affects their family finances a great deal. 17% of single parents and about one in five low income parents do not deal with tuition costs at all.
Residents from households with an income of $75,000 or more are more likely to describe tuition costs as placing a strain on their family finances than residents from households with lower income. 41% of households with an income of $75,000 or more experience difficulty paying or saving for tuition costs compared with 29% of households with incomes that earn less.
In general, paying or saving for private school or college is a challenge for many residents with children.
A plurality, 46%, of Mid-Hudson Valley residents do not have to consider the cost of child care as part of their monthly expenses. In fact, just 11% of Mid-Hudson Valley residents describe experiencing financial pressure from the cost of child care. 5% say the cost of child care puts a great deal of strain on their monthly budgets and another 6% feel it creates a good deal of financial stress.
Not surprisingly, nearly one in three residents with children feels the financial strain on their family budget from the cost of child care. Residents with young children are particularly strapped. 47% of residents with young children report financial pressure on their family budget to meet the monthly costs of child care.
Income plays a role. Residents with a household income of less than $50,000 a year are more likely to be financially strained by child care expenses than residents with higher incomes who pay for these expenses.
Overall, although only a small proportion of Mid-Hudson Valley residents is affected by the cost of child care, it is a major burden for many residents with children.
