It Now Costs $300,000 to Raise a Child

Due to rising costs, it is now projected that the cost to raise a child through high school is now around $300,000. This comes out to about $18,271 per year according to the Brookings Institution. This price tag which covers a range of expenses, including housing, food, healthcare, and child care.

According to a senior fellow at Brookings, the rising cost of raising children will likely have people thinking twice before they choose to expand their families. While there are alternatives to cut costs, like shopping at more affordable stores or trading down to lower-quality items. this may not cut it for all families. In particular, lower-income households will have less room to adjust as they may already be adhering to these practices.

For more information:

See Rina Torchinsky “It Now Costs $300,000 to Raise a Child” Wall Street Journal, August 19, 2022.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.