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