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.
How much does it cost to raise a child 2020?
The cost of raising a child until age 17 is $233,610 on average. Low-income married couples spend $174,690 on average to raise a child. Low-income single parents spend $172,200 to raise a child from birth until age 17. The average amount spent on raising a child in the Urban West is $245,460.
What is the average cost to raise a child in a year?
In the US, the average cost of raising a child through the age of 17 is $233,610. This figure is based on data compiled in the most recent Expenditures on Children by Families report completed by the United States Department of Agriculture (USDA).
How much does it cost to raise a child 2021?
So, how much does it cost to raise a kid? The average cost of raising a child born to a middle-income, married couple is approximately $267,000 (in 2021 dollars) over a period of 18 years — or more than $14,800 a year per child for a typical two-child household according to a U.S. News & World Report.
How much does it cost to raise 3 kids a year?
The USDA breaks this further down into several age ranges; from birth to 2 years old, the average yearly cost is $12,680. From ages 3-5, the yearly cost increases to $12,730. By the time they’ve reached 9, that number is up to $13,180. By the time they’re a teenager age 15-17, yearly the average cost is $13,900.
Does it take a million dollars to raise a kid?
Another estimate, calculated in 2009, puts the true dollar amount for raising a child from birth through undergrad years at a whopping $1.1 million.
How much does it cost to raise a child in Canada 2020?
It should be no surprise that the cost of raising a child in Canada is expensive! It’s generally estimated that raising a child will cost you $10,000 – $15,000 a year until the age of 18 in Canada.
How much does it cost to raise a child in South Africa 2020?
On a serious note, several research indicates that it costs around R90 000 a year to raise a child. On a straight-line projection (no inflation or growth) that’s over R2 070 000 by the time the child reaches 23 years old.
How much does it cost to raise a child in Malaysia?
The total cost of raising a child in Malaysia lies between RM 400,000 – RM 1.1 million. Depending mainly upon how and where you spend your money on education. From state and private schooling, to local and international university costs.
How much does it cost to bring up a child?
Single-Parent Family – USDA Average Spending per Child (not the basic cost of raising)
|Age of Child||Housing||Total|
|15 to 17||2,840||9,180|
|Before-tax income: $59,410 or more (Average = $107,820)|
|0 to 2||5,880||16,770|
How much does it cost to raise a child through college?
Sending a child to a four-year university with room and board for a single academic year costs around $20,090 at a public college and $45,370 at a private non-profit college, according to the USDA, which isn’t factored in the government agency’s cost of raising child estimate – $233,610.