Cost of raising a child to age 18 nearly a quarter-million dollars, study finds (2024)

FAQs

Cost of raising a child to age 18 nearly a quarter-million dollars, study finds? ›

On average parents spend nearly a quarter of a million dollars ($237,482) to raise a child up to age 18.

Key Takeaways

The average total cost of raising a child to age 18 in a middle-income household is $374,634. This covers expenses like healthcare, childcare, housing, food, and education. The average cost of a vagin*l delivery is $14,768 and a C-section is $26,280 if you don't have insurance.

At that time, it found the cost of raising a child born in 2015 was $233,610. That assumes the child was born to a middle-income, married couple. When adjusted for inflation, the number jumps to $312,202 as of March 2024, based on data from the U.S. Bureau of Labor Statistics.

Capital at risk. In 2021, the average cost of raising a child in the UK to the age of 18, depending on the area in which you live, was estimated to be between £160,000 to £190,000 (£160,692 for couples and £193,801 for single parents).

Prepare yourself for the sticker shock: According to a 2023 study by LendingTree, the nationwide average for the cost of raising a child is $21,681 per year. The study took into account rent, food, child care, clothing, transportation, health insurance premiums and state tax exemptions or credits.

Again, living expenses vary significantly by location, but we can use some average numbers. The average monthly living expenses for a single person in the USA are $3,189, which is $38,266 per year. The average cost for a family of four is $7,095 per month, which is $85,139 per year.

Parents projected to spend $245,340 to raise a child born in 2013. Parents projected to spend $241,080 to raise a child born in 2012. A child born in 2011 will cost $234,900 to raise. A child born in 2010 will cost $226,920 to raise.

Disposable diapers: On average, disposable diapers cost between $0.20 and $0.30 per diaper. This means that if you use 10 diapers per day, you can expect to spend between $60 and $90 per month on diapers.

Housing, food make up largest expenses

Taking into account the effects of inflation, the company Credit Karma found that parents can expect to spend roughly $306,924 to raise a child born in November 2023. The company found that housing, food and childcare make up the largest percentage of children's expenses.

How much does it cost to raise a child to 18 in Seattle? ›

The study estimates raising a child from birth to age 18 in Washington cost more than $215,000 annually. According to the report, researchers took in account basic expenses such as housing, food, day care, clothing, using girls' clothing which tends to be more expensive, transportation, and health insurance.

Key Findings. Raising a child costs almost $36,000 per year in Massachusetts. Massachusetts has the highest annual costs for two working adults raising a small child at $35,841.

"There's so much that goes into child care, including rent, payroll, insurance and much more. When all those costs shoot up, the overall cost of child care does, too." That means the typical family is spending about $237,482 over the course of 18 years to raise a child — and that is excluding the cost of college.

On average parents spend nearly a quarter of a million dollars ($237,482) to raise a child up to age 18. Beyond that, the costs skyrocket with the cost of college. The most expensive state to raise a child is Hawaii. Connecticut came in at number 7, New Jersey at 12, and New York was 14th on the list.

Is 18 Considered an Adult? An 18-year-old is considered a full-fledged adult with certain, but not all, rights and responsibilities. They still can't buy alcohol or rent a car in the United States, but 18-year-olds can vote and sign contracts.

Housing. Housing is the most expensive cost associated with raising a child, making up 29% of the total expenses. Based on the USDA's annual cost estimates, you're looking at about $5,235 going toward housing alone each year.

The average cost of raising a child in California is about $310,000 for necessary living expenses over 17-18 years. This figure covers essential needs like housing, food, and clothes. It doesn't include extras or money for college.

Average cost of daycare per month in Texas? According to the Child Care Aware of America 2021 report, the average cost of daycare per month in Texas is $813 for infants, $744 for toddlers, and $669 for preschoolers.

The breakdowns are based on the following categories of gross weekly income: $0-100; $100-280; $281-750 and $751-max. At the maximum income, support is as follows based on 1, 2 or 3 children: $167+25%; $199+30% and $222+33%.