Inflation and regional price differences have exacerbated the already high costs of raising children, making it challenging for families. A Michigan mother emphasized the need for budgeting creativity. The Brookings Institution estimates that raising a child born in 2015 costs around $310,605 through age 17, with 2023 data suggesting annual expenses have grown to $21,681, totaling $389,000 per child by 18. Geographical disparities further add to costs, with Massachusetts leading in expenses compared to Mississippi. Parents can manage these rising costs by understanding where their money goes and adjusting their budgets accordingly.
Raising kids has always been costly, but inflation and regional price differences have made it even harder for families to keep up.
According to a 2022 analysis, a middle-income family with two children could expect to spend approximately $310,605 to raise one child born in 2015 through age 17.
A 2023 study found costs have climbed to $21,681 annually per child, leading to an estimated total cost of $389,000 over 18 years.
The cost of raising a child varies greatly by location; in Massachusetts, it costs nearly $36,000 per year as opposed to Mississippi's under $18,000.
#child-raising-costs #family-budgeting #inflation-impact #regional-price-differences #parenting-challenges
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