Children born in 2012 will cost nearly 250 thousand dollars to raise. Adjust for 17 years of inflation and that number increases to over 300 thousand.
Children born in 2012 will cost nearly 250 thousand dollars to raise. Adjust for 17years of inflation and that number increases to over 300 thousand.
That’s according to a report compiled by the US Department of Agriculture.
The good news is that the increase in the rearing estimate is only about half of the 4.4 percent it usually goes up from year to year.
What does all that money get a child?
Most of it covers housing, childcare, and education. After that, food, healthcare, transportation, and clothing claim the better part of the rest of it.
As the prices of things vary from region to region, so does the estimate.
People living in rural areas can get by on spending less than those in most urban areas.
This is primarily attributed to the variations in housing costs.
Bringing up baby in the Northeast comes with the heftiest pricetag, followed by the urban Midwest and urban West.
In addition to rural areas, Southern cities offer the lowest costs.
The estimate doesn’t include college, nor does it take into consideration lost income from leaving the workforce or reducing work hours to care for children.
