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The United States Department of Agriculture just released a report letting Americans know that it is more expensive than ever to raise a child. The report found that middle-income families can expect to dole out $226,920 per child to get the little one safely into adulthood.
The costs factored in are food, shelter, and other things the child needs to survive until the age of 18. If you raise a moocher who lives off of you after 18, then you can probably add at least another $100,000 to the tab. This total is a two percent increase over the value calculated back in 2009. The costs of transportation and child care were the greatest factors in the cost increase.
The report is released every year, and is mostly used to determine how much to pay out to foster parents. It comes from the Consumer Expenditure Survey, which is also released by the government. To break the number down to an annual figure, the average cost of raising a child is between $11,880 to $13,830 per year, depending on the age of the child.
Families earning less money tend to spend less on their kids, while families with higher incomes tend to spend more. Housing, childcare and education are the most expensive pieces to raising a child. The costs are highest for families living in the Northeast, followed by the urban west. Families in the south have the lowest cost.
So, if you plan on having children, don’t take the Terrell Owens route, paying tens of thousands of dollars per month to several different women. Instead, you may want to find a good partner with a stable income and handle the expense together. Having kids can set you back financially.