According to a recent study by the Brookings Institution, the average cost of raising a child in the USA has increased to over $300,000, largely as a result of extremely high inflation rates.
According to the research, it will cost an average of $310,605 to raise a child of a middle-income married couple born in 2015 until he or she is 17 years old or enrolled in high school, which works out to about $18,271 annually.
Housing, food, clothing, healthcare, child care, diapers, haircuts, and sports equipment are all included in the estimations. Additionally, it covers the cost of celebrating various children milestones and participating in extracurricular activities.
Since everything is becoming more expensive, many individuals will reconsider having their first or future children. You might possibly think you need to put forth more effort. stated senior fellow at the institute Isabel Sawhill.
It is important to remember that, as reported by the US Department of Agriculture in 2015, the prior amount was $233,610.
The revised calculations, according to Brookings Institution, solely used the prior official estimate, utilising it as a starting point while also correlating it with current inflation patterns.
Post Your Comments