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The cost of raising a child through high school has risen to more than $300,000 because of inflation that is running close to a four-decade high, according to a Brookings Institution estimate.
It determined that a married, middle-income couple with two children would spend $310,605—or an average of $18,271 a year—to raise their younger child born in 2015 through age 17. The calculation uses an earlier government estimate as a baseline, with adjustments for inflation trends.
The multiyear total is up $26,011, or more than 9%, from a calculation based on the inflation rate two years ago, before rapid price increases hit the economy, the Brookings Institution said.
For Muffy Mendoza, high inflation has meant that “boys week” wasn’t in the cards this summer. The gathering, she said, is usually a time for all of the boys in her family—her three sons and their cousins—to get together at her Pittsburgh home. This year, the gathering is too expensive. “It costs a lot to feed almost 10 boys,” she said.
Brookings calculated the cost of raising a family based on a 2017 estimate from the Agriculture Department. The estimate covers a range of expenses, including housing, food, clothing, healthcare and child care, and accounts for childhood milestones and activities—diapers, haircuts, sports equipment and dance lessons, among other costs.
It determined that a married, middle-income couple with two children would spend $310,605—or an average of $18,271 a year—to raise their younger child born in 2015 through age 17. The calculation uses an earlier government estimate as a baseline, with adjustments for inflation trends.
The multiyear total is up $26,011, or more than 9%, from a calculation based on the inflation rate two years ago, before rapid price increases hit the economy, the Brookings Institution said.
For Muffy Mendoza, high inflation has meant that “boys week” wasn’t in the cards this summer. The gathering, she said, is usually a time for all of the boys in her family—her three sons and their cousins—to get together at her Pittsburgh home. This year, the gathering is too expensive. “It costs a lot to feed almost 10 boys,” she said.
Brookings calculated the cost of raising a family based on a 2017 estimate from the Agriculture Department. The estimate covers a range of expenses, including housing, food, clothing, healthcare and child care, and accounts for childhood milestones and activities—diapers, haircuts, sports equipment and dance lessons, among other costs.
It Now Costs $300,000 to Raise a Child
A middle-income family might spend more than $18,000 a year on a child born in 2015, as inflation hits food, housing, haircuts and sports, according to a Brookings Institution analysis.
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