What does it actually cost to raise a child?
A hospital bill for a childbirth can run quite high. Births can cost as much as $20,000, depending on a wide variety of factors.1 Not to mention the costs associated with prenatal care.
Kids have to eat. Food costs can average almost $2,500 a year, according to the USDA. That's almost $45,000 spent feeding a child by the time they're 18.2
For households with two working parents, hiring help can be costly, ranging between $5,436 to $24,243 per year, depending on the type of care given.3
Children require an estimated $1,020 in medical expenses every year. That's over $18,360 by 18.2
The cost of college at a private institution topped $54,880 a year for the 2020-2021 school year.4
Children outgrow their clothes fast! One estimate says the cost of clothing a child can be more than $490 a year, adding up to $8,820 to keep your kid warm.2
A bigger car, higher insurance, an extra plane ticket. Transportation is a cost not often thought about when planning for a child, but those costs can average $1,337 a year! That's a lot of gas money!2
Children need a place to sleep. A larger home, furnishings, and the cost that go with each can run a family over $4,430 a year. $79,740 by the time the child is 18!2
By age 18 that could add up to over
$500,000
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- SmartAsset.com 2020
- US Department of Agriculture, 20201 (Figures updated in 2017. Most recent information available)
- Investopedia.com, 2020
- Collegeboard.com, 2020