Tuesday, January 10, 2017

The High Cost of Raising a Child

How much does it cost to raise a child? A new report from the U.S. Department of Agriculture found that married, middle-income parents will spend $233,610 to raise a child born in 2015 from infancy to adulthood.

That estimate was as small as $174,690 for low-income families and as large as $372,210 for high earners. The agency found the cost of child-rearing rose 3 percent from 2014 to 2015, above the rate of inflation.

What’s changed since the Agriculture Department first started tracking this back in 1960? Child care and education now represent a larger piece of the pie than they did in 1960, while the share that goes toward housing and feeding children has been shrinking.

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