Question of the Day: How much is it expected to cost to raise a child born in 2015 through the age of 17?
Here's a breakout of the costs from USDA report:
- Is this number higher or lower than you expected?
- What do you think are your family's largest expenses? Do they match the chart you saw earlier?
- Does a statistic like this affect how you think about a future family that you might have?
Behind the numbers (Brookings):
We estimate that total average family expenditures on a child born in 2015 to a middle-class family with two children, adjusted for higher expected future inflation, would be $310,605. Due to higher inflation, a middle-income married family with two children will now spend $26,011 more to raise a child to the age of 17. This cost increase presents an even heavier burden for low-income parents and families, for whom expenses such as food, housing, and gas comprise an even larger portion of their income.
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