Sorry parents, raising a child is more expensive than ever. According to a new US Department of Agriculture report, the average cost to care for your offspring from the day they’re born to their 17th birthday is $233,610. And that is just to provide the basic necessities, and doesn’t include the costs of sending your kids to college. Nor do we imagine cutting all times the day they leave home.
Anyone prepping for the arrival of a little one knows car seats, cribs, and diapers are expensive, but it’s actually teens who cost the most. They have much larger appetites and they’re learning to drive. Transportation costs plus an increase in car insurance drive the total up.
Every child works out to about $13,000 a year on average -- but it can be less or a lot more -- depending on a family’s income and where they live.
Researchers found that families in New York and Boston pay an extra $1,000 per year, due to the rising cost of childcare and housing. Those in rural areas will spend about 25 percent less.
Lower-income families can expect to spend $212,300, while higher-income families will shell out more than twice as much, researchers concluded.
Doing the math is sobering but of course, you can’t put an actual price tag on the love we feel for our offspring.