New study finds it costs over $18,000 a year to raise child in the US

ByEyewitness News via WABC logo
Sunday, August 21, 2022
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A new study found it costs $18,271 per year to raise a child.

A new study found it costs $18,271 per year to raise a child due to inflation.

With the cost of food, clothing, and just about everything up these days, parents who support a child until the age of 17 will spend more than $310,000.

This comes out to more than $18,000 a year on average.

The Brookings institution came up with the estimate based on numbers from the U.S. Agriculture Department for a couple with two children.

A federal government projection put the total child-raising cost at more than $233,000 back in 2015.

While the federal reserve is taking steps to curb inflation, the authors of the study say more people are reconsidering having a second or even first child.

Information from CNN was used in this report.

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