The Cost of Raising a Kid is Over $230K: Can You Afford It?

cashYour bundle of joy will cost you just that -- a bundle!

It takes $234, 900 to raise a child, to be exact. That's the price tag on all the food, shelter, clothing, and health care required to care for child from birth to age 17, according to the U.S. Department of Agriculture's annual report, "Expenditures on Children by Families."

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And you were worried about college! Parents are gonna feel the pinch way before then.

In 1960, the first time the report was published, middle income familiy's spent about $25,000 over 17 years. It cost that much just to arm today's kids with the latest gadgets (iPhones, iPads, Wii's) and in the hippest fashions. We post-millennial parents are just spending a lot more than our's did. Yes, it's mostly because of inflation but let's be honest -- we are a lot more indulgent than they were.

Of course, the grand total must be adjusted based on income. If your annual take home is less that $60,000, then you may only end up spending $170,000 for each kid. Still a hefty sum , I know. You just have to chuck it up as the price of parenthood.

Does this estimate scare you?


Image via Refracted Moments/Flickr

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