Get the best Credit Tips at Credit Visionary

According to brand-new data from the U.S. Division of Agriculture (USDA), it costs an average of $241,080 to raise a middle class kid in America. Exactly what’s actually frightening is that that figure doesn’t include the expenses associated with university.

So exactly what does that mind-blowing number consist of? According to CNN Money, which reported on the data, costs such as groceries, child care, health care, and housing have been on the increase, causing the cost of parenting in the UNITED STATE to rise too. In reality, it’s 3 % even more costly, on average, to raise a child today than it was in 2011. Since the USDA just included the costs of parenting a child till the age of 18, the final total amount it arrived didn’t include costs related to higher education, however this can tack thousands onto the final figure.

Not surprisingly, there are some parts of the country that are costlier for moms and dads than others. High earnings, city-dwelling parents in the Northeast will spend far more than typical per child – $446,100 to be precise. The notoriously high cost of staying in this part of the country accounts for the filled with air costs associated with raising children. On the various other hand, rural moms and dads can expect to spend much less than the national average at $143,160 per kid over 18 years.

As astonishing as the typical cost of raising a kid in the UNITED STATE turned out to be, what’s more concerning to demographers and social researchers is the absence of commensurate rise in wages amongst the grownups who support this children. The average yearly earnings in the UNITED STATE is $4,000 less than in 2000 (after readjusting for inflation), but costs in vital sectors related to child-rearing continue to rise. This makes some wonder if, soon, parenting will become a luxury reserved for the rich.

Have you noticed expenses connected to raising your kid rise in recent years?