Child Rearing Economics
The U.S. Department of Agriculture has released its annual report with some unsettling news for parents and future parents, although realistically the news is not that “new” for most.
Child rearing is expensive and costs are continuing to rise.
A middle-income family, defined as one earning between $60,640 and $105,000 a year, will spend about $241,080 ($301,970 when adjusted for predicted inflation) to raise their child until 17-years-old – even before college.
So where are Mom and Dad spending? This infographic breaks it down.
- 30% – Housing
- 18% – Child care and Education
- 16% – Food
- 14% – Transportation
- 8% – Health care
- 8% – Misc.
- 6% – Clothing