Average Cost to Rear a Child 18 Years? $241,080.
NEW YORK -- Rearing a child born in 2012 for 18 years will cost the average middle-income couple $241,080, based on the calculations of LoansForPoor Credit.net. This represents an increase of 3% from the projected cost of rearing a child born in 2011.
The country's median annual household income has fallen since 2000 by more than $4,000 after inflation adjustments are taken into account, the organization says.
Families residing in the urban regions of the Northeast and who earn $105,360 or more will spend considerably higher than the national average, commiting $446,100 to one child's upbringing for 18 years, a sum that excludes college costs, according to the report issued by the U.S. Department of Agriculture. At the other end of the scale, families who live in rural areas and have an income of $61,590 or less will spend the least, $143,160.
"It is staggering to consider that it now costs more than $240,000 to bring up a child for 18 years," said Sam Malka, spokesman for LoansForPoorCredit.net, in a prepared statement. "The U.S. Department of Agriculture figure covers daily essentials such as day care, transportation, toys, health care and groceries but does not include the high cost of college education, tuition and living expenses.
"In addition to a drop in wages across America, the financial crisis and Great Recession have meant that many medium- to high-income jobs have been lost and replaced for positions paying much lower wages," Malko noted. "We anticipate that this will mean more families and parents will struggle to balance their finances each month as costs continue to spiral far beyond the realms of affordability for many."
Published by The Business Journal, Youngstown, Ohio.
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