Paying for child care is often a necessity so parents can work. Once the children enter school spending in this category typically falls. Parents with preschool-aged kids spend the most on child care and education. Child care and education costs for a child: $37,400 totalĬhild care is another significant cost, though it can fluctuate quite a bit depending on your child’s age and needs. (Younger children cost less to feed.) Overall, households on a “moderate plan” spent $233 per month on food for a child - totaling $2,794 per year. The latest cost analysis from the USDA puts monthly food costs at $98 to $162 per child on a “thrifty plan,” to the costlier “liberal plan” of $182 to $327 per month. Food costs for a child: $2,794 per yearĪfter housing, food is the next-highest cost of raising a child in the USDA report - taking up 18% of a family’s spending on kids. It doesn’t take into account that parents may choose higher housing costs due to other factors, such as moving to a home with a large backyard or better schools. That’s $3,764 per year in added housing costs per child, or $314 per month.Īnd this only accounts for the cost of housing with an extra bedroom. Of a family’s $12,980 annual cost to raise a child, 29% is calculated to go toward housing alone. Housing costs for a child: $3,750 per yearĪ growing family requires more space - and paying for a bigger home or apartment is the largest expense tracked by the USDA. The average cost to adopt through a private agency is $43,000. Opposite-sex couples who face infertility might have many of the same options and costs, too.Īdopting is another option, but no less expensive.
They might require fertility treatments or services, that can run from $500 for sperm donation up to $75,000 or more for surrogacy. Queer couples may face extra costs to become parents. Make sure to revisit your options either through your employer-provided insurance or the ACA marketplace during the open enrollment period. Parents who learn they are expecting or plan to become pregnant should first make sure they have adequate insurance. Patients without insurance will face higher costs by magnitudes - around $30,000 to $50,000. Child birth or adoption: $4,500 to $43,000ĭepending on your situation, adding a new child to your family can cost almost as much as raising it.įor those with employer-based health insurance, the average total costs that patients paid for maternity care was $4,500. To help you get a handle on the cost of raising a child, we’re breaking them down here. Understanding the cost of raising a child can help you financially prepare and adjust for each new stage of your and your child’s life.
Breaking down the cost to raise a child by expense In its Expenditures on Children by Families report, the USDA puts the cost of raising a child from birth to age 18 at $233,610 for a middle-income family (married with two kids) - around $12,980 per year. The experience of parenthood can hardly be captured in dollars and cents.īut the fact is, kids are expensive. As a current or future parent, it can feel odd to put raising a child in terms of costs.
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