Planning on bringing a new bouncing bundle of joy into the world soon? You’re probably already used to shelling out some major bucks in preparation for that little one, but the spending won’t stop here: The average cost of rearing a human to the ripe old age of 18 has risen again, to $245,000 based on a middle-income family. And then comes college.
It’ll only get more expensive for 2014 babies most likely, as a kid born in 2013 will cost parents a little over $245,000 the United States Department of Agriculture estimates in its yearly report, according to CNNMoney. That’s an uptick of $4,260, about 2% from 2012.
That number seems to be on the rise year after year, as only four years ago the estimate was at $235,000. What’s another $10,000, eh? Sigh.
Depending on where you live, work and specifics of the situation can all make that number vary, of course. Urban parents in the Northeast will likely spend more like $455,000 getting their kids to 18, while low-income rural families will luck out and spend only about $145,000.
These numbers come from the cost of housing, food, transportation, clothing, health care, education, child care and all the little things in life — cell phones, money for the mall (if kids still go there?) and other miscellany.
The author of the report has one bit of good news — overall costs are growing more slowly than in the past, because of low inflation. So, whew?
However, with the median income of parents staying low since the recession, and the growing costs of child care and health care, it’s going to be tough for many parents.
For example, CNNMoney notes one couple paying $1,380 each month for daycare for their son. That’s just $20 less than they pay for their mortgage.
“When I was pregnant I knew daycare would be expensive,” the mom said. “But I didn’t expect to pay two mortgages.”
And don’t forget the years after they turn 18, when you’ll be lucky if he doesn’t end up moving back into your basement and eating everything in the fridge even when you specifically told him that potato salad was for the block party, darnit.