Following the current trend of economic turmoil and a dramatically increased cost of living, UDSA’s annual report has found that the average cost of raising a children from infancy to graduation has gone up to $226,920. The Expenditures on Children by Families report included factors such as food, shelter, day care, education and “other necessities” to approximate the total. The total has increased by 2 percent from last year.
The average is based on family income between $57,600 and $99,730 per year. For families earning less, the total cost to raise a child comes down to around $163,440. In contrast, families earning more average around a staggering $377,040. The price does decline with each additional child, however. Stated in the report, “families with three or more children spend 22 percent less per child than families with two children.” This is due to sharing expenses, such as rooms and clothing.
In 1960 the cost per child was only $25,230, with shelter being the highest expense.
Expenditures on Children by Families Report