How much does it cost to raise a child from birth through age 17, assuming you cover housing, child care, food, health care and the like? It’s a scary prospect to consider, no doubt, but does curiousity have the best of you?According to a 2001 study by the US Department of Agriculture, a middle-income family in 1960 could expect to spend $25,230 to raise a child through age seventeen. The latest study from the USDA, conducted in 2004 and released April 2005, shows that a middle-income family (defined as one with a before-tax average income of $55,500) will pay $184,320 … a high-income family (defined as one with a before-tax average income of $105,100) will pay a whopping $269,520. Housing costs are the single largest expenditure followed by food.
To see the specific breakdown of categories and come up with your own dollar total, Bankrate.com has created a calculator that lets you see, for better or worse, what lies ahead. Better start saving those pennies.
By Kris on 01/17/06 in Children, Money
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April 22nd, 2008 at 11:22 am
If you have ever raised a child you will realize that houseing, most of the food, transporations and medical is a cost you will incur if you have children or not. THese figures are from politicians trying to pad their pockets with more of your money. Don’t be frightend. I make $89,900 per year and have two children at Purdue. My estimate is closer to about $62,000.00 to raise a child from 0 – 18 yrs. The other numbers come from the Friend of the court not the friend of the child. I guess the mothers shouldn’t take their once a month vacations to the Bahmas and get off their asses and work.
April 23rd, 2008 at 12:08 pm
I agree that some costs would be incurred with or without kids. Kudos for you for your savings, too. I’m not sure what mothers you know who take once a month vacations to the Bahamas… must be nice! Most of the moms I know are lucky to have an annual trip w/ the fam.