We all know that raises a child can be expensive. The clothes, the food, the housing they all add up. Once you add in day camps, birthdays, ballet or soccer classes, the figure can be staggering to even the most moneyed of moms and dads. So how much does it cost to raise a kid these days?
$221,000. Yes, almost a quarter of a million dollars. A new government report from the USDA’s Center for Nutrition Policy and Promotion states that an average middle class family will spend that much on raising their kid from birth to the age of 17. The largest expense is housing followed by food and school/child care. This figure does not include childbirth or college. But that’s not it…no. When adjusted for inflation the amount jumps up to a staggering $292,000
But that figure isn’t just a blanket amount. “Families with more income spend more money on child-related costs, the report said. A two-parent family that earns less than $57,000 annually will spend about $160,000 on a child from birth through high school. Those with an income between $57,000 and $99,000 spend about $221,000 and those with higher incomes are expected to spend roughly $367,000 through age 17.”
Does that figure shock you or is that what you thought it would cost when and if you decided to procreate?