But it really makes you wonder seeing how the rising cost of living and therefore, raising a child, is one of the main factors leading to … Incorporating inflation costs, it will be more like $284,570. To give you an idea, at the age of two, you will have to spend $16,100 a year for your child. Our Child Affordability Calculator makes it easy to get an accurate estimate of your monthly and overall costs by considering all of the obvious and not-so-obvious costs you might get stuck paying for. With that said, the yearly cost for these ages is $13,680 per year. Besides taking care of your children’s needs, you also have to provide for yourself, hence, the total expenses you need to cover is $164,160. And that’s not even taking inflation into account. It would also be more difficult if you raise your child or children on your own. To put that in perspective, a full-price university degree costs £27,750, and a dog costs only £18,700. If it is more than $106,540, then 12% of the income or $21,330 to $25,700 would already suffice to raise the child. According to Health Affairs, it cost $2,910 to deliver a baby in 2008 compared with the $4,300 price listed in 2015. And these are: Income: Studies show that for a standard household of a married-couple family with two children who has a before-tax income less than $59,200, the annual expenses for a single child ranges from $9,330 to $9,980. From birth to two years old, the average cost is around $12,940 per year. How much does it cost to raise a child and what other expenses should you be aware of? The primary factors that contribute to the increase are the child’s education and food. Families in this region can expect to spend $253,770. Private Non-Profit Colleges – This will cost you around $133,920 for four years, or $33,480 annually. It’s very expensive, too. How Much Does California Fishing License Cost, How Much Does It Cost To Open A Grocery Store, How Much Does It Cost To Start a Daycare Center, How Much Would It Cost To Buy A Hot Air Balloon. Aside from the child’s growing years, the costs also evidently rise if you have one or two more children. Depending mainly upon how and where you spend your money on education. From 15 to 17 years old, the average cost has already reached $14,970 per year. So generally, the more kids you have the lower expenses you have for each. As your child grows up, his or her needs and expenses tend to increase as well. USDA has been tracking the cost of raising a child since 1960 and this analysis examines expenses by age of child, household income, budgetary component, and region of the country. I mean, c’mon, you’re basically providing for another human being, from scratch. Public Colleges –You can expect to pay $38,600, considering your child finishes within four years. MoneySense magazine estimates a cost of CAD$13,366 per year (a total of over $240k up until the child’s 18th birthday).. By 2017, this number would skyrocket to 68%. Your eyes aren’t deceiving you; it takes more than half a million dollars to raise a child. The total figures come to £79,176 to raise a boy and £108,884 for a girl, a difference of £29,708. According to a 2017 report from the U.S. Department of Agriculture, the average cost of raising a child from birth through age 17 is $233,610. Yeap, we all know it’s going to be expensive to raise a child. The cost of raising a child is highest for parents in the urban Northeast, who face hefty housing, child care, and education costs. By age two, parents are up to more than $12,500 per year. Families with lower incomes, however, would have to spend at least $174,690. If that made your heart skip a beat, take a deep breath before you read on. Marital Status: If you’re raising your child in a single-parent family, total expenses are lower. Let’s move on to the average cost of raising a child by region. Take a look at the average costs to raise a kid in these particular regions: As you look at the expenses you will have to cover every year, are you ready to start your own family now? That’s $9,650 a year. Similarly, those with three or more children have an average per child expense that is 24% lower than of a couple with two kids. If you have two children, then the annual cost to raise both kids is $28,600. Toiletries This will amount to about R300 a month. Yes, you read that right. The average cost of raising a child born in 2013 up until age 18 for a middle-income family in the U.S. is approximately $245,340 (or $304,480, adjusted for projected inflation), according to the latest annual "Cost of Raising A Child" report from the U.S. Department of Agriculture. 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