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The Cost of Raising a Child

FROM BUNDLE OF JOY TO SWEET SEVENTEEN: THE COST OF RAISING A CHILD They say money can't buy you love, but when it comes to those that parents love most-their children-money is surely needed. It's no secret that raising a child from birth to seventeen takes a six-digit amount of cash, but where exactly does that money go? In this infographic, we break down child-rearing expenses by income, year of life and spending category. KIDDIE COSTS BY CATEGORY There has been a significant shift in the distribution of costs since 1960. Not surprisingly, housing accounts for the largest share of child-rearing expenses. It is followed by child care and education, a category that notably ranked last in 1960. PERCENTAGE BREAKDOWN OF CHILD-REARING COSTS BY CATEGORY 24 HOUSING CLOTHING HEALTH CARE FOOD TRANSPORTATION MISCELLANEOUS CHILD CARE & EDUCATION 1960: 31% 24% 16% 12% 11% 4% 2 2009: 31% 16% 13% 9% 6% 8% 17% STABLE 8% 3% 3% 5% 4% 15% POINT DECREASE POINT DECREASE POINT POINT POINT INCREASE POINT INCREASE DECREASE DECREASE CHILD-REARING COSTS BY INCOME As your income level increases, so will the amount you spend on your child. This chart reveals how much you will be spending on your child each year from 2009 to 2026. INCOME BRACKETS (FIGURES BEFORE TAXES) LOWEST: LESS THAN $56,670 MIDDLE: $56,670–$98,120 HIGHEST: MORE THAN $98,120 $40,000 TOTAL $475,680 $35,000 $30,000 $25,000 TOTAL $20,000 $286,050 TOTAL: $15,000 $205,960 $10,000 $5,000 2009 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 2026 LYEAR] <1 1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 AGE A BIRDSEYE VIEW: CHILD-REARING COSTS BY REGION Total child-rearing cost averages based on middle income bracket, two-parent families. INCLUDING THE COST OF AN ADDITIONAL BEDROOM BY INCOME AND REGION Includes the cost of utilities, but doesn't factor in the higher costs many parents take on when moving to a community with better schools and other public services. URBAN WEST URBAN MIDWEST URBAN NORTHEAST TOTAL: TOTAL: TOTAL: $239,130 $217,700 $254,760 AVERAGE INCOME: $76,220 AVERAGE INCOME: $75,760 AVERAGE INCOME: $76,430 LOWEST INCOME BRACKET: LOWEST INCOME BRACKET: LOWEST INCOME BRACKET: $3,560 PER YEAR $2,840 PER YEAR $3,490 PER YEAR ADDITIONAL ADDITIONAL ADDITIONAL BEDROOM MIDDLE INCOME BRACKET: BEDROOM MIDDLE INCOME BRACKET: BEDROOM MIDDLE INCOME BRACKET: $4,670 PER YEAR $3,730 PER YEAR $4,590 PER YEAR HIGHEST INCOME BRACKET: HIGHEST INCOME BRACKET: HIGHEST INCOME BRACKET: $8,450 PER YEAR $6,750 PER YEAR $8,310 PER YEAR CT ME MA ΝΗ Ν NΥ PA RI VT AK AZ CA CO HI IL IN IA KS ID MT NV NM OR UT WA WY MI MN MO NE RURAL AREAS ND OH SD WI AL AR DE DC FL GA TOTAL: $173,850 KY LA MD MS NC OK SC TN TX VA WV AVERAGE INCOME: $76,530 URBAN SOUTH ADDITIONAL BEDROOM LOWEST INCOME BRACKET: $1,830 PER YEAR ADDITIONAL BEDROOM TOTAL: LOWEST INCOME BRACKET Before-tax income: Less than $56,670 (Average $36,250) $208,350 | s2,650 PEB YAR LOWEST INCOME BRACKET: MIDDLE INCOME BRACKET: $2,400 PER YEAR AVERAGE INCOME: $76,490 MIDDLE INCOME BRACKET: MIDDLE INCOME BRACKET Before-tax income: $56,670-$98,120 (Average $76,250) HIGHEST INCOME BRACKET: $3,520 PER YEAR $4,350 PER YEAR HIGHEST INCOME BRACKET: HIGHEST INCOME BRACKET Before-tax income: More than $98,120 (Average $171,710) $6,380 PER YEAR (Rural areas are places of fewer than 2,500 people outside a metropolitan statistical area) credit sesame SOURCE: HTTP://Www.CNPP.USDA.GOV/EXPENDITURESONCHILDRENBYFAMILIES.HTM KEY YEARLY SPENDING

The Cost of Raising a Child

shared by aleks on Jun 01
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It’s no secret that raising a child is expensive. This infographic tells us just how expensive. It even breaks down the cost of moving to a house with one additional bedroom (including the added cos...

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