According to the newest report from the U.S. Department of Agriculture, it now costs an average of $245,000 to raise a child.
And that's NOT including college. If we DID include college, it would probably cost $47 billion to raise a kid.
The cost varies a LOT depending on where you live. If you're in a city in the northeast, it could cost closer to $455,000 . . . if you're in a rural area in the south, it costs around $145,500.
That number includes housing, food, transportation, clothing, health care, education, childcare, and other random things like haircuts and presents.
The cost of raising a child is up 2% from last year, but that's actually not bad . . . overall costs have been growing slower over the past few years because inflation is low.
Return to: JD Blog