The cost of raising kids in the United States has reportedly gone up, averaging $245,340 per child according to a recent report by the U.S. Department of Agriculture, which factors in costs for housing, food, clothing, healthcare, education, toys, and more.
From the Associated Press:
A child born in 2013 will cost a middle-income American family an average of $245,340 until he or she reaches the age of 18, with families living in the Northeast taking on a greater burden, according to a report out Monday. And that doesn’t include college — or expenses if a child lives at home after age 17.
In response to these estimates, much of the reporting has aimed to paint an even grimmer picture for prospective parents, emphasizing other factors such as the likely trajectory of declining wages and rising costs in areas like healthcare and education.
Taken together, it’s enough to make your average spoiled youngster run in the opposite direction. And indeed, many actively are. As Jonathan Last details extensively in his book, What to Expect When No One’s Expecting: America’s Coming Demographic Disaster, birthrates in the Western world are in a free fall, with more and more adults opting for fewer and fewer kids, if any at all, and making such decisions later and later in life.
For those of us who shudder at the prospect of a world with fewer children, and who increasingly encounter negative attitudes about child-bearing and -rearing amongst our peers, many of whom are in their child-bearing “primes,” one wonders how we might respond with a compelling financial case for having children amid such supposedly grim prospects. (more…)