how much does it cost raise a child
Raising a child is undoubtedly one of the most rewarding experiences in life, but it can also be one of the most expensive. The cost of raising a child can vary greatly depending on where you live, the lifestyle you choose, and the amount of money you have available to spend.
The U.S. Department of Agriculture (USDA) estimates that a middle-income family will spend approximately $233,610 to raise a child born in 2015 to the age of 18. This figure does not include the cost of college. The USDA also estimates that the cost of raising a child is approximately 16 percent higher in urban areas than in rural areas.
Housing is one of the biggest expenses associated with raising a child. According to the USDA, housing costs account for 29 percent of the total cost of raising a child. This includes mortgage payments, rent, property taxes, insurance, repairs and maintenance.
Food is another major expense. The USDA estimates that food costs account for 18 percent of the total cost of raising a child. This includes groceries, meals eaten out, and school lunches.
Childcare and education are other major expenses. The USDA estimates that childcare and education costs account for 18 percent of the total cost of raising a child. This includes daycare, preschool, and private school tuition.
Transportation costs account for another 15 percent of the total cost of raising a child. This includes car payments, car repairs, auto insurance, and public transportation costs.
Clothing and miscellaneous expenses account for the remaining 20 percent of the total cost of raising a child. This includes clothing, toys, entertainment, and medical expenses.
Raising a child is a costly endeavor, but it is also one of the most rewarding experiences in life. With careful planning and budgeting, it is possible to enjoy the experience without breaking the bank.