How Much Does Raising A Child Cost
May 05, · Childcare and education for parents who have this expense account for 16% of the cost of raising a child, according to the USDA. The cost of childcare in the U.S. ranges from $5, to $24, According to Infographic World, the average cost of raising a child – from birth to 17 years old – in the US ranges from $12, to $14, every year.
Raising a child is not a walk in the park, literally and figuratively speaking. You may feel like winning the lottery grand prize upon seeing your child after birth, but it can actually cost more than millions to raise one before he or she becomes independent. But when you see your child grow up and turn into the person you wish him or her to be, then what is student engagement in higher education single dollar you have spent is going to be all worth it.
Although it can be easy to calculate the costs of raising a child basically, they are just numbersthe results may not be that accurate because of uncontrollable factors, like the economic changes and unforeseen circumstances. Despite the inaccuracies, it will still be wise to know the estimated costs that you would probably spend if you decide to start your own family.
With all that has been said, the question now is, how much does it cost to raise a child as of the present time? This is the breakdown:. As your child grows up, his or her needs and expenses tend to increase as well. From three to five, the expenses are relatively the same with the first two years. It would also be more difficult if you raise your child or children on your own. Apparently, the annual income of the parent or parents can significantly affect the cost to raise a child.
The cheapest location to raise a child in the US would be in rural areas. This is because people in the countryside either have a simpler lifestyle, or they are able how to make xp bootable pen drive manage their money well since they plant and grow their own daily consumption, like fruits and vegetables.
The most expensive would be in the urban northeast region where New York belongs. Take a look at the average costs to raise a kid in these particular regions:. As you look at the expenses you will have to cover every year, are you ready to start your own family now?
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A lot more than you might think
Official websites use. Share sensitive information only on official, secure websites. This does not include the cost of a college education.
Where does the money go? Expenses vary depending on the age of the child. We did the analysis by household income level, age of the child, and region of residence. Expenses also increase as a child ages.
Teenagers have higher food costs as well as higher transportation costs as these are the years they start to drive so insurance is included or a maybe a second car is purchased for them. Regional variation was also observed. Families in the urban Northeast spent the most on a child, followed by families in the urban West, urban South, and urban Midwest.
Child-rearing expenses are subject to economies of scale. That is, with each additional child, expenses on each declines. Each additional child costs less because children can share a bedroom; a family can buy food in larger, more economical quantities; clothing and toys can be handed down; and older children can often babysit younger ones. This report is one of many ways that USDA works to support American families through our programs and work.
It outlines typical spending by families from across the country, and is used in a number of ways to help support and education American families. Courts and state governments use this data to inform their decisions about child support guidelines and foster care payments. Financial planners use the information to provide advice to their clients, and families can access our Cost of Raising a Child calculator, which we update with every report on our website, to look at spending patterns for families similar to theirs.
This Calculator is one of many tools available on MyMoney. This year we released the report at a time when families are thinking about their plans for the New Year. This report and the updated calculator can help families as they focus on financial health resolutions.
This report will provide families with a greater awareness of the expenses they are likely to face while raising children. In addition to the report and the calculator, we also have a dedicated section on ChooseMyPlate. For strategies beyond food, our friends at MyMoney.
For more information on the Annual Report on Expenditures on Children by Families, also known as the cost of raising a child, go to: www. This estimate is calculated by averaging the rate of inflation over the past 20 years. You should link this to organizations against abortion. People who are pro life need to know this and help find solutions for children born from parents that don't want to raise them.
So all those that are against abortion can start a fund to help raise the unwanted children in America. Environment and housing is a must, but is it neighborhoods with parks, hospitals, schools, or wealth? Nutrition, is this calculated before child birth and during a science diet of sorts what is the premium and its cost.
With internal champions at each and parent, myself attempting to be consultant on eyes. This report is total nonsense and it is irresponsible of the USDA to publish it. Lots of people will read this and decide they can't afford children. But that number is a fantasy based on ridiculous assumptions. Very few Americans spend that much money on each child. Few Americans have that kind of money and yet somehow kids manage to survive, go to the doctor, and even go to college.
My wife and I live in an area with above average cost of living. We have four kids. We don't have a lot of money for luxuries, but we have everything we need. We splurge on piano lessons, but other than that we spend very little on them. With various tax credits factored in, I think the baby is probably a net gain. After our first was born I wanted to keep track of "how much she cost" in a year. She wore hand-me-downs, breastfed exclusively, and ate homemade baby food.
Nothing like this government report implies. My husband is the oldest of 8, yes 8! Piano lessons, track and field and horseback riding lessons for all the kids! Insurance through his work, gardening and a family of 8 was born and paid for! They even adopted later on! And they still have kids at home in so these numbers are not from the 80s! You can make any excuse you want as to why people shouldn't have kids and why abortion is the only option to unwanted children over powering our welfare system.
If you are reading this and want kids don't let this report scare you because it is far from accurate! This report makes a bunch of nonsensical assumptions and calculations. You do not have to buy a bigger house, car, or get childcare just because you have one child. We look for deals, get used vehicles even with repairs I still haven't spent as much as a new vehicle costs over 17 years. We did eventually get a bigger home and have made small increased in food and clothing expenses with each child, but our actual childcare expenses are way, way less than these estimates.
This report is total nonsense so what I'm reading is every family raises their children the same exact way and there is no difference in income or your area or circumstances Most families I know rely on a family member or best friend to babysit their kids after school if their work hours extend that far. And as far as College goes we all know college does not work out well for everyone I know plenty of very rich family is and they will never pay for their kids to go to college their kids have paid for their own trade school like nursing or mechanic.
And where are these people getting their shopping done for food to be so expensive this whole report is useless and God forbid if used in the child support departments everyone is not the same and if we were this entire world will be in such a better place. I'm starting to believe these figures are for bigger purposes, calculations for other organizations to use like child support. This is the biggest joke I have ever seen. Why would they even publish this non-sense.
I read the other comments and felt compelled to add my own. I just want to encourage people to keep in mind that this is an average. If you are fortunate enough to be able to afford a home then most likely your cost of having a child will not increase, but if someone has to go from a 1 bedroom to a 2 bedroom as we had to do then the cost goes up. If someone is not able to breast feed yes, some women are not ABLE to, whether it's because their milk never comes in or they adopt or whatever then they have to go to formula which is VERY expensive.
The cost of childcare is ridiculous in some areas, making it so it's almost not worth it to have a 2-income family I don't know how much we spent on our first and then second child, but we have a lower middle income and I left my full time job because the cost of childcare in our area was prohibitive.
I really liked this article and hopefully it will help me in the future. Thank you to the writers of the article. I work and send my child to daycare. This is the reality in our area and not a choice if you need to keep working. I'm a kid and I don't need all this, and my parents say that I don't cost this much and I know that that's the truth, because they take me to the bank for "learning reasons" its absolutely BORING and they explain everything and I get to see the cost of what they have spent every year, and its only up to 5 to 10, dollars.
I am aware of how much college costs though. I agree with this article. It was very informative I understood most of it, but what I didn't know was easy to learn. I think this is a very informational article some of this stuff I did not know if i were to rate this 1 being the worst 10 being the best I would rate this a 9. I believe it! Children cost a lot.
Then when a family has two or more children, this means that some children don't get as much spent on themselves as an only child, but by results, data it was not too much. So be ready to be a parent. If you expect to give your child the proper nourishment. You should really read this if you are wondering how much money you will have to spend on your child through raising it for 17 years not including college funds.
This really gives great examples and descriptions of raising a child and all of the money that is put into it not even including injuries. I am wondering if there is a way to make it a little less expensive because it costs like grand just to raise one child. It must cost like or grand to raise three children. To whom it may concern, Where might I find an article such as this written closer to present day time?
Thank you sincerely, Sara. Sara Addison-Schorr - thank you for your comment. The blog contains the most recent USDA figures on child-rearing expense figures. Although this research seems very honest, how do you know if the cost of children may vary in other regions or individual families? A family with more money may spend more money with having two children and spend less if they have one child. Money can definitely weigh in on how much money a family can spend on a child.
Different families with different incomes may have less children because they cannot afford to feed or take care of more children. My response to this is that it is a lot of work to take care of a child. Some of the things you need for your kids are overpriced. So I think that they should bring the prices down on some of the most important things you need to take care of your children.
JT Greeno - thank you for your comment. The Cost of Raising a Child calculator has been removed.