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Cost of Raising a Child Up 3 Percent Over Previous Year to $233,610

Image: Cost of Raising a Child Up 3 Percent Over Previous Year to $233,610

The estimated cost of raising a child born in 2015 is $233, 610, according to a new report. (Syda Productions/Dreamstime.com)

By    |   Tuesday, 10 Jan 2017 05:29 AM

The cost of raising a child born in 2015 from birth to age 18 was calculated to be $233,610, up 3 percent over the previous year, a new report said.

The Department of Agriculture released the new estimate, which showed increases in clothing, medical expenses, and day care costs, according to Bloomberg News. Food remained relatively inexpensive, but otherwise child-rearing costs have risen more than the overall inflation rate because of the increases in these categories.

The study showed lower-income families spent less on their kids, only averaging $174,690 while high-income households spent $372,210 on average, according to CNN Money. Parents in the Northeast in urban areas spent more than those in rural areas with Northeast parents averaging $253,770, while rural parents spent an average of $193,020.

Having more children was more expensive overall, but less expensive per child. Married parents with three or more children spent 24 percent less per child on average than parents with two children.

“There are significant economies of scale, with regards to children, sometimes referred to as the ‘cheaper by the dozen effect,’” said author of the report Mark Lino, CNN Money reported. “As families increase in size, children may share a bedroom, clothing and toys can be reused, and food can be purchased in larger, more economical packages.”

Although costs rose 3 percent overall, that figure is less than the 4.3 percent average increase since 1960, likely due to decreases in gas and continued affordability of food.

The figures on the cost of raising a child did not include college costs or any aid from the government, Bloomberg noted.

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The cost of raising a child born in 2015 from birth to age 18 was calculated to be $233,610, up 3 percent over the previous year, a new report said.
cost, of, raising, child, up, 233610
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2017-29-10
Tuesday, 10 Jan 2017 05:29 AM
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