Having to pay for something that you desire is a basic way of life, but what if that something is not material things, but involves raising a child. The cost of rearing a child in today’s society has increased dramatically. We all know that having a family is one of the greatest things in the world, it gives you a sense of purpose, not to mention someone to love, honor and cherish, but it comes with a steep price tag.
According to the USDA (United States Department of Agriculture) a report from 2015 on the amount of money spent on children by families reveals that the cost of rearing a child from birth to age 17 is $233,610. For a child in a two child family with a married couple and a before tax income between $59,200 and $107,400 that averages out to be about 12 to 13,000 dollars a year, depending on the child’s age. Housing accounts for the largest expense and miscellaneous includes things such as personal care- haircuts, dance lessons, entertainment, sports equipment, etc.
Those couples living in the urban Northeast part of the country with families (2 or more children), the cost of rearing a child was the highest, whereas if you resided in the urban Midwest and rural areas, the child rearing costs are the lowest. That makes sense in that the overall cost of living is said to be lower in these areas. In case you were wondering about single parents, it turns out the cost is about the same as the married couple household.
Although the numbers look staggering you really can’t put a price tag on the cost of raising a child. This information is useful in many ways; for those that have a family you can compare to see where you are as far as spending or budgeting and those who are looking to start a family this can give you an idea of what’s in store for you. Oh I forgot to mention this doesn’t include the annual cost of college – for private $45,370 and for public it is $20,000, the good news on that is that does account for room and board
This information also helps to set guidelines and regulations for the various agencies who have taken on the responsibility of providing care for children, such as foster care and other measures of support. Whatever the cost may be, rest assured its money well spent. Cost of raising a child calculator