How much it costs to raise a child is now more than $300K, according to recent estimate

Saturday, August 20, 2022
Families rebalance budgets as inflation drives up childcare costs
Higher childcare costs are forcing families to reshuffle budgets as inflation drives up the cost of everything from daycare to gasoline.

The cost of raising a child through high school has gone up, thanks to inflation.

The video featured is from a previous report.

For a married, middle-income couple it now takes on average $310,605 to raise a child born in 2015 through the age of 17.

That comes out to more than $18,000 a year on average.

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The Brookings Institution came up with the estimate based on numbers from the U.S. Agriculture Department for a couple with two children.

The price tag includes a range of child expenses, including food, healthcare, clothing, childcare and activities.

Back in 2015, a federal government projection put the total child-raising cost at more than $233,000.

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A senior fellow at Brookings suggests many couples will take more time to consider whether to have a first or second child.