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created 11 months ago | Tagged: |
Sally
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Finally, we have "an official price tag for parenthood," says Suzy Khimm at The Washington Post. This week, the U.S. Department of Agriculture reported that the average family can expect to spend a cool quarter of a million dollars to raise a child — and that doesn't include the cost of college, nor the indeterminate post-graduation period of unemployment when Junior lives rent-free at home and constantly raids the fridge. While the USDA perfunctorily notes that the "considerable" cost of child-rearing "may be outweighed by the benefits of children," the price tag is enough to make some parents daydream of what they would do "with all that kid money," says Lindsay Cross at Mommyish. Here, a look at the numbers behind that drooling ball of chub:
$234,900 Amount a middle-income family typically spends raising a child through age 17, as of 2011
$389,670 Amount that families earning more than $100,000 a year typically spend per child
$169,080 Amount that families earning less than $60,000 typically spend per child
3.5 Percentage increase in kid-rearing costs from 2010, due to rising transportation, education, child care, and food expenses
$70,000 Total cost of housing a child through age 17, the single-biggest expense
$191,723 Total cost of raising a child for a middle-income family in 1960, when adjusted for inflation
23 Percentage increase since 1960 16 Percentage of total child-rearing expenses used on food in 2011 24 Percentage of total child-rearing expenses spent on food in 1960 18 Percentage of total child-rearing expenses funneled to child care and education in 2011 2 Percentage used on child care and education in 1960
