Private Schools

Private school spending is one of the largest and least-discussed fixed costs in affluent household budgets. The headline tuition number — $40,000–$65,000 per year at elite day schools in New York, San Francisco, Los Angeles, and Boston — is significant enough on its own. The full cost, once you add mandatory fees, voluntary fund contributions, school trips, uniforms, tutoring, and enrichment activities, routinely runs 20–40% higher than the published tuition figure.

The math compounds quickly for multi-child households. Two children at a top-tier private school in Manhattan can cost $130,000–$160,000 per year in total, which places private school spending on par with a Manhattan mortgage for many families. Boarding school adds a different dimension: top New England prep schools — Andover, Exeter, Groton, Milton — run $65,000–$75,000 per year inclusive of room and board, with a similar layer of additional costs on top.

Financial aid exists but is often misunderstood. Most private schools offer need-based aid rather than merit scholarships, and the income and asset thresholds for meaningful assistance are lower than many families expect. A household earning $400,000 with significant home equity may receive little to no aid, even at schools with generous endowments.

For families with younger children, the full cost picture should be read alongside childcare, which covers the high-cost years before school age. And since private school spending is a multi-decade commitment for many families, it’s worth modeling alongside college costs — covered in college costs — to understand the full 20-year education spending arc. The broader lifestyle cost context lives in the Affluent Living pillar.