(Bloomberg) — The cost of Manhattan’s elite private schools is edging closer to a staggering milestone of $70,000.
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Tuition for the upcoming academic year at several of New York City’s top institutions is just now trickling out to new and returning parents. The prestigious Trinity School on the Upper West Side will charge $69,000. The Upper East Side’s Spence School will charge $68,480, while the nearby Nightingale-Bamford School set tuition at $68,350. Around the corner, at the Convent of the Sacred Heart, tuition will reach $67,520, according to people familiar with the matter.
The schools are synonymous with the upper echelons of Manhattan society. They’re also a showcase for the increasingly steep cost of living in New York, where even families that would be considered top earners anywhere else in the country are grumbling about affordability and sometimes finding themselves priced out.
The cost has risen drastically over the past decade. In 2014-15, the median tuition in New York City was $39,900, according to the National Association of Independent Schools analysis of 48 schools. This year’s median of $61,800 represented a 55% increase, well ahead of the pace of inflation. Consumer prices, as measured by the Bureau of Labor Statistics, rose 32% in that span.
Even in the last several years the tuition hikes have been staggering. For example, Nightingale cost $54,750 for the 2020-2021 school year, and will now be about 25% higher.
Admissions at New York City’s elite schools are highly sought and the academic programs can propel students to the Ivy League. That exclusivity comes with a high price tag. Tuition at high-end schools in New York is often about $20,000 above the average cost of a private four-year college.
And tuition isn’t the only cost for parents. Private independent schools typically rely on donations — which often come from parents and alumni — as another major revenue source to fund operations, financial aid or bigger ticket items such as new facilities.
In the broader New York metro area, the median tuition at 97 private institutions was $50,662 this year, a 3.7% increase from the year before, according to NAIS. The data excludes most parochial schools, which are often cheaper.
Nationally, private schools have boosted fees to blunt higher costs for teacher salaries and education materials, according to a Feb. 12 report from S&P Global Ratings. The annual tuition for a private day school rose about 7.4% to $49,284 on average this academic year, while boarding-school fees climbed roughly 5.3% to $73,080.
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