Kids these days: more expensive than ever.
That’s the word from a new federal study that pins a $241,080 price tag to raising a child born in 2012.
American families may remain mired in financial recovery mode – but they will dole out more money than ever to rear a child to age 18. The cost doesn’t even factor in the soaring costs of sending a child to college or, God forbid, supporting them as they live at home raiding the refrigerator and playing video games into their 20s.
This middle-class projection is 2.6 percent higher than in 2011. Costs for child care, education, health care and clothing are rising, while housing, food, transportation and some miscellaneous expenses fell.
The U.S. Department of Agriculture began this child-cost exercise in 1960, determining that a child born the year voters elected John F. Kennedy would cost $25,229 – or $195,690 in 2012 dollars – to raise to age 18.
The cost of housing as a percentage of child-rearing expenses remained flat during the past 47 years, at about 30 percent. Food costs fell by a third and clothing costs fell by half.
On the other side, the cost of health care doubled.
And child care and education costs grew exponentially – from 2 percent of the total cost of raising a child in 1960 to 18 percent in 2012 – as women entered the workforce en masse and families turned to day care, according to the report.
The report noted that family incomes affected the cost of rearing children.
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.