This is quite a spoilers alert as the United State Department of Agriculture, USDA has released a report on Monday, January 9, 2016, stating what it will cost parents to raise a child.
According to the research conducted by the department in 2015, It would cost couples with moderate income $233,610 (N73,528,747.50) to raise a child to age 18 and housing was the largest expense, at 29 percent of the cost. While wealthier families, who live in expensive neighborhoods spend more than twice as much on their children than poorer households.
Other costs include food, transportation, health-care, education, clothing and other miscellaneous expenses, excluding payment for college.
The USDA who prepares these report almost every year since 1960, noted that the cost of child-raising has surpassed inflation because of health-care costs and additional money spent on clothing, which tends to fluctuate based on fashion trends. Also, the said amount is estimated to be higher for babies born this year.
US governments and courts uses the information to write child support and foster care guidelines. Speaking to reporters, the USDA economist, Mark Lino, who wrote the report said:
“Costs for child-care and education have really gone up among upper-income groups. Per-child expenses go down as families grow larger, and teenagers cost more than younger children, largely because they eat more and have greater transportation needs.”
The department further informed that the urban regions, where affluent married couples will spend $397,110 (N124,990,372.50) to raise a child, had the highest costs. According to the study, child-care and education is the second-biggest expense for middle- and higher-income households, followed by food. Nutrition ranked second for lower-income families, which are more likely to care for children at home.
Cost of transit took the great share of budgets for children ages 15 to 17. Based on their calculations, they take into account the need for more living space as families grow, although it excludes potential expenses such as moving to a more expensive neighborhood in search of better schools or other reasons.