Posted on

How Is Your Child-Rearing Budget?

2015-crcinfographic

Touch the Soil News #592

What will it cost to raise a child – born in 2015 – through the age of 17? The USDA reports that the cost is an average of $233,610. That cost applies to married couple with two children that has before tax income between $59,200 and $107,400. For wealthier families with incomes over $107,400 expenditures can reach almost $400,000 to raise a child through age 17. For less affluent couples with incomes of $59,200 or less, the cost for raising a child through age 17 is $158,600.

Not included in these costs is the cost of college. The USDA estimates that the annual cost of attending college at a public institution is $20,090. For a private institution, the average annual cost is $45,370.

These numbers tell a rather sobering story:

  1. Spending on a child from a lower income family averages $158,600 and often there is no money for college.
  2. Spending on a child from an upper income family that provides a doctorate degree (8 years) at a private college can average $762,960.

The USDA reports that the largest cost categories are housing at 29 percent of the budget and food at 18 percent of the budget. How many children come from homes where the spending is $158,600 or less versus how many children come from homes where the spending is $762,960 or more?

presentation1

Want More? - Sign up below

Special Deals Ahead...
Leave a Reply

Your email address will not be published. Required fields are marked *