Having a child is priceless, but it isn't cheap.
The costs of furnishing a house or apartment for their first baby can quickly and shockingly accumulate for new parents. That's just the beginning.
The basic cost of raising a child in the USA is estimated to be around $20,000 per year. However, this isn't constant, and is even increasing. Expenditures for summer camps, sports activities, birthday celebrations, and more are not included.
Every state has its own essential costs. Depending on where you live, the cost could range from nearly $29,000 in the District of Columbia to more than $13,000 in Mississippi. Moving to states with lower local prices and higher incomes might be a good idea for parents.
The US Department of Agriculture publishes a report that estimates the cost of raising a child to adulthood (it excludes college expenses). Their report has not been updated since 2017, but they estimate that raising a child born in 2015 would cost approximately $230,000.
The assumption is that the child was born to a middle-income couple. Using inflation-adjusted figures, it would cost nearly $270,000 in 2023.
According to single parent metrics in 2015, these households spend $172,200, less than $60,000 compared to married households. The cost of raising a child up to the age of 18 for a solo parent would increase to $196,984 if inflation is adjusted for 2023.