Being a parent is a big responsibility, but do you have any idea what the average cost of raising a child is? A study shows how much it costs to maintain until the age of 18, taking into account food, education, clothing, etc.
Research conducted by LendingTree brings to light the high cost of child support and that this may be one of the reasons why many postpone or stop having children.
From birth to age 18, raising a child in the United States can cost, on average, $237,482, according to a LendingTree analysis. The number represents more than 20% compared to 2016. In 2021, the annual average will be more than US$21,681.
And, if the number shocks you, you should know that it only includes basic expenses such as food, housing, childcare, clothing, transportation and health insurance. This does not include recreational activities such as sports, extracurricular classes, medical care, cheaper college, which can double budgets.
Against this background, LendingTree’s chief credit analyst Matt Schulz emphasized to CBS that “it’s completely understandable that people are scared to death of how they’re going to pay to raise a child, it’s depressing when you think that in this numbers “We don’t even take into account the cost of college, for example.”
Where you live is important in figuring out how much it will cost to raise a child. In some states, parents pay more than others.
- Most expensive state to raise a child: Hawaii, where parents face annual costs of $30,506.
- The cheapest state to raise a child: Mississippi, where a year of parenting costs an average of $15,555.