Homeschooling: Can Your Budget Really Afford It?

When Elaine and Brad saw how relaxed yet inquisitive her brother's kids were after a few months of home-schooling, they were hooked.

The couple sat down later the same night and started listing all the advantages to educating their three children, aged 10, 8, and 7, at home. They went to bed elated at the prospect.

However, one thing they didn't really consider in much detail was whether their family could really afford it.

According to author Amy Hebert, writing in the March 2007 issue of Kilplinger's, more than a million kids were being home-schooled in 2003, a jump of 30 percent from the number in 1999. Estimates for 2007 indicate a figure closer to two million.

While home-schooling parents essentially create a customized classroom for their kids, it's not cheap. If both parents have been working, the one who becomes the full-time teacher will have to forfeit some income. One offset to this is working part-time at a home-based business such as consulting or writing.

The cost of home-schooling isn't merely paying for a packaged instructional program. It's also about any books the parents hand pick, tutors for any subjects beyond their expertise, computers, and field trips. The cost can add up to the about the same amount as private-school tuition, only without two full-time incomes.

According to bankrate.com, the cost for parents who maintain a careful accounting of expenses is around $2,500 for a first child and slightly less for each additional student. Clive Belfield, professor of economics at Queens College, City University of New York, based this number of the price of up-to-date textbooks, computing equipment, the cost of extra utilities, ergonomic furniture, and any tutoring required.

Belfield's 2001 research indicated the typical home-schooling parent was a female with a college degree who had previously earned about $38,000 exclusive of fringe benefits. He indicated families with four or more children usually give up on educating the kids at home and instead utilize public schools.