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Average cost to raise our bundles of joy: $222,360.00. The experience: priceless.

NPR tells us the answer this morning…

Newborn

iStockphoto

A middle-income, two-parent family will
spend $222,360, on average, to raise a baby born in 2009, according to a
government estimate released today.

Yes, a number like that screams false precision. Still,
some of the broad outlines that go into the estimate are pretty
interesting:

  • Housing is the most expensive part of raising a kid.
    It accounts for 31 percent of the cost, followed by childcare and
    education (17 percent) and food (16 percent).

  • The annual
    cost rises a bit as the child gets older — from less than $12,000 per
    year for a baby to more than $13,000 for a teenager.
  • Among urban areas, the Northeast is the most expensive
    region to raise a child, and the South is the cheapest. Rural areas,
    which are lumped into a single category, are even cheaper.
  • The cost per child for a two-child family is 25
    percent lower than the cost per child for a one-child family.

Researchers
broke household income into three levels: Less than $56,670; $56,670 to
$98,120; and more than $98,120.

People
in the lower-income group spend 25 percent of their before-tax income on
a child; those in the middle-income group spend 16 percent; and those
in the higher-income group spend 12 percent. But in absolute terms,
spending increases with income.

The
figures are adjusted for inflation, and costs are calculated through
age 17.

1 thought on “Average cost to raise our bundles of joy: $222,360.00. The experience: priceless.”

  1. funny that housing accounts for so much of that – we’re not moving house, plan to live in the house all except our eldest were born in (literally) until well after they are 17. it’s a “2 family” house (my hubby’s parents live in the other part), so there may even be room for one of them to live here with his (only have sons thus far)family and us someday. and w inlaws in the house, childcare costs have been pretty minimal. lost mommy wages since the US has no maternity leave and doesn’t give financial/tax credit for full-time parenting the way they do if you’re paying smeone ese to care for your child, on the other hand….

    Like

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