How Much Does it Cost to Raise a Child?
The U.S. Department of Agriculture says that parents that make more money are going to spend more money raising their children. The houses will be bigger, the cars will be more expensive and the clothes will cost more. But on average, a family that earns between $40,000 and $70,000 annually will spend around $250,000 to raise one child to the age of 17. There is no significant savings for multiple children.
Housing
The USDA says that housing a child all the way through the age of 17 will cost between $45,000 and $100,000. The big difference in cost is dependent on the household income. Those with smaller incomes will spend less. Housing a child is the biggest expense that parents will incur and represents 35 percent of the overall annual cost of raising a child, according to the USDA. To come up with this figure they allow between 100 and 150 square feet of living space per child.
Food & Clothing
Food is the next biggest expense. The USDA says that parents should plan to spend between $27,000 and $40,000 per child through the age of 17 for food. This figure represents nearly 20 percent of the total cost of raising a child. Clothing is another expense that will run between $9,000 and $13,000 per child, on average. Clothing represents about 7 percent of the total cost of raising a child, according to the USDA.
Health care
Health care is not a large expense for some families but for others it is a primary concern. Through the age of 17 a parent should expect to spend between $11,000 to $16,000 per child, according to the USDA. Those figures do not represent any unforeseen illnesses or conditions. This is solely for deductibles, premiums and co-pays.
Child Care & Education
Child care and education through the age of 17 will run between $13,000 and $35,000 per child. These numbers account for sometimes as much as 11 percent of the total cost of raising a child. These numbers also do not have any bearing on college education. They do factor in the cost of day care if both parents are working.
Miscellaneous
These expenses can vary as well, but expect to pay between $14,000 and $33,000 from birth to age 17 per child for miscellaneous costs such as entertainment, spending cash, and personal care and toiletries. This is around 13 percent of the overall expense of raising a child.
Transportation
Around the age of 15 most kids want to take driver's training. This is an added expense. Paying for a used car, car insurance and the cost of gas is likely going to run you between $20,000 to $35,000 through age 17. This figure does not include the cost of buying a new vehicle. It does however represent about 14 percent of the total lifetime cost for a child, according to the USDA.
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