Cost Of Raising A Child – A new government report shows that raising one child is a huge cost that can average $222,360 by the time they reach 18, according to report released by the U.S. government.
It’s clear that the cost for middle-class families is getting more expensive. Raising a child until they reach the age of 18 has jumped 22 percent from 1960 through 2009. It’s a big adjustment due to inflation.
The report, based on a married couple’s cost of raising a child in a two-child, middle-income family, found annual expenses ranged from $11,650 to $13,530 a year, depending on the child’s age.
Childcare and education expenses climbed from 2 percent to 17 percent of child-rearing costs, the report found. Housing topped all other family costs in 1960 and 2009, while the proportion of a family’s income spent on housing rose.
Food also has placed among the biggest expenses since 1960 but the proportion of family income spent on food has dropped, in part because of changes in agriculture and increased competition.
The report found clothing and miscellaneous expenses for a child decreased as a proportion of household spending.
Because of the high costs of raising a child and the sluggish economy, many people are wondering whether they should put off plans to have children.
Lindsay Murphy was eight months pregnant when she got laid off from her job in Skokie, Ill., and she and her partner have discussed having another child.
“While we want another child and very much want our children to be close in age, we just can’t get comfortable with the additional expense in light of the economy,” said Murphy, of Wilmette, Ill.