Cost of Raising a Child Skyrockets
Jim LiebeltJim Liebelt's Blog
- 2011 Sep 27
Forget designer strollers and organic baby formula, just providing a child with the basics has become more than most parents can afford.
The cost of raising a child from birth to age 18 for a middle-income, two-parent family averaged $226,920 last year (not including college), according to the U.S. Department of Agriculture. That's up nearly 40% -- or more than $60,000 -- from 10 years ago. Just one year of spending on a child can cost up to $13,830 in 2010, compared to $9,860 a decade ago.
"Everything is more expensive and each family makes its own set of trade-offs," said Ellen Galinsky, president of the Families and Work Institute in New York. "Many parents are working longer hours, or another job, and they are giving up time at home. It's a complete catch-22."
From buying groceries to paying for gas, every major expense associated with raising a child has climbed significantly over the past decade, said Mark Lino, a senior economist at the USDA.
The battered economy has also taken a toll, of course. Many employers scaled back or even did away with medical coverage in recent years, leaving many families to cover that bill, said Lino. At the same time, costs for doctors visits, medications and other health services also climbed. As a result, health care costs for families with children rose 58% over the decade, he said.
Source: CNN Money