Everyone knows that kids aren’t cheap, but just how much does it cost? Here are some facts and statistics regarding the cost of raising children in the United States:
The Cost of Raising Children to age 18
The latest estimates from the U.S. Department of Agriculture state that the average child in the U.S. will cost his or her parents around $286,050 to age 18, before college costs. (Sandler, 2010) Other estimates have pegged the price tag of raising a child at a mere $226,920.
Kids get cheaper in bulk
The costs of raising children decline considerably after the first child, since the economy of scale kicks in and families must find a way to spread the same income over more children. Families with 3 kids spend 22% less per child than two-kid families, and single-kid families spend 25% more on their offspring than 2 kid families. The good news: there’s no evidence kids in multi-children households turn out any worse for having been less lavished upon. (Vanderkam, 2012)
College Tuition costs
The cost of college for private tuition, room and board can top $50,000 per year. (ibid)