The above number excludes hospital and pediatrician expenses, and is up
to age 18.
I just heard an interview with a young woman who recently graduated
University in the US. She has 80,000 in student loans; and the *average
tuition* cost of US private universities is now over 30,000/year. Add
living expenses of 15,000 minimum, and, the total bill approaches 200,000
We are looking at half a million bucks now. It takes less than that to
provide care for an elderly parent barring catastrophic medical costs.
The myth of the need for continued high fertility to support the elderly
in future neglects the present value of child rearing expenses
compounded over a generation.
http://www.reuters.com/article/newsOne/idUSTRE57367220090804
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Pricetag to raise a child -- $291,570, says U.S.
Tue Aug 4, 2009 5:48pm EDT
WASHINGTON (Reuters) - A middle-income family can expect to spend
$291,570 including inflation to raise a child born in 2008 to adulthood,
the government estimated on Tuesday, up slightly from the estimate made
a year ago.
The estimate covers food, shelter and other necessities for a child to
age 18, said the annual report by the Agriculture Department. The figure
does not include the cost of childbirth or college.
Housing accounts for one-third of expenditures on children. Food
accounts for 16 percent, the same as child care and education, said the
Expenditures on Children by Families report.
Last year, the USDA estimated it would cost $269,040 to raise a child
born in 2007 to age 18, including inflation. The USDA has made the
estimates since 1960, when the estimated cost was $25,300. The
department said it planned to have an updated "Cost of Raising a Child
Calculator" on the Internet soon.
Annual spending for child-rearing ranges from $11,610 to $13,480 for a
middle-income, two-parent family, the USDA said. Families with lower
incomes will spend less and families with higher incomes spend more.
Expenses are highest in cities in the U.S. Northeast, followed by urban
areas of the West and Midwest. They are lowest in rural America and
cities in the South.
(Reporting by Charles Abbott; editing by Todd Eastham)
Best wishes,
Bill
---
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