It’s never been cheap to have a kid, but just like practically everything else, it’s getting more expensive. Forget paying for diapers haha! So how much does it cost to raise kids you’re wondering? The cost of raising kids is nearly 240k, and that’s before college! LendingTree has done a little research on this topic. The costs are astonishing. From raising a child from birth to age 18 it now costs us an average of $237,482.
The financial firm finds that the average annual cost of child rearing in the U.S. was up. It rose to $21,681 in 2021 – the most recent year data is available for – an increase of 19.3% from 2016. And this amount doesn’t even include sports, after-school classes and activities, or the cost of sending them to college. This amount is just what LendingTree calls the “bare bones” required for raising a kid: food, housing, apparel, transportation and health insurance.
How much does it cost to raise kids? Here’s key findings from CBS News:
- The biggest expense of raising a kid is child care, which comes to an average of $11,752 a year.
- The location makes a big difference in that amount, with costs in Washington, D.C. topping $25-thousand a year and in Massachusetts, it can be $21-thousand a year.
- The most expensive state to raise a child is Hawaii, where parents spend an average of $30,506.
- Mississippi is the most affordable state for parents, where a year of child raising expenses averages just $15,555.
- In the U.S., parents spend about $1 of every $5 on raising their kids.
- The cost of 18 years of raising a child is highest in Hawaii at $314,529 and lowest in South Carolina at $169,327.
- And when you add in paying for college, the price of raising a kid could double, depending on where you live and what kind of college they go to.
Have kids they said. You’ll enjoy raising them they said. Hahaha!