According to research by the U.S. Department of Agriculture, the cost of raising a child has increased 15 percent from 1960 to 2007. That means on average, a middle-income, two-parent, two-child family can expect to pay from $10,930 to $12,030 per year in expenses for one child, varying by their age.
"USDA's Center for Nutrition Policy and Promotion (CNPP), notes that family income has a direct affect on child rearing expenditures. Families with a before-tax income below $45,800 are projected to spend $148,320 on expenses related to child rearing or $196,010 when factoring for future inflation. Families with an income between $45,800 and $77,100 can expect to spend $204,060 or $269,040 with an inflation factor. Families with an income above $77,100 can expect to spend $298,680 or $393,230 – factoring for inflation."
So, before you decide to up and move, or get rid of your baby urges all together, weigh the advantages and the challenges to adding another member to your household. Nevertheless, after the calculator is put away and both parties have expressed their thoughts, the rewards just may outweigh the price tag of bringing up baby.
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