To raise a child now costs…
According to the latest stats from the Department of Agriculture, it now costs $233,610 to raise a child from the day they’re born until they turn 18. And that doesn’t even include college.
That’s roughly $13,000 a year for their entire childhood.
The biggest chunk of that goes to housing, since you need an extra bedroom now that you have a kid. The other main expenses are food, childcare, transportation, health care, and clothing.
On the bright side, the costs of raising kids aren’t going up as quickly as they used to. The costs have gone up an average of 4.3% per year since 1960, but this year, they’re only up 3%.
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