Costs of Raising Children
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https://smartasset.com/data-studies/cost-raise-child-2023
- USA national average: $21,000 per child per year
- Most expensive region: $35,647 per child per year, San Francisco-Oakland-Berkeley area in California
- Cheapest region: $14,577 per child per year, Morristown in Tennessee
Using the national average, assuming a typical family with two children, raising each for 18 years (not including college/university):
- $21,000 x 2 x 18 = $756,000
Considering the US median annual family income being $70,784, it will take such a family 10.7 years to make the amount of money needed to raise two children for 18 years.
Or put another way, ($21,000 x 2 children)/$70,784 ≈ 59% of a typical family’s income would go towards raising two kids (not counting college/university).
