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How much does it cost to raise a child these days?

On Behalf of | Apr 28, 2023 | Bankruptcy

Children are expensive. Ask any new parent; they’ll understand it right away. Simply having a child in the hospital can leave you with thousands of dollars in bills because of the way the American healthcare system is designed.

But the costs certainly don’t stop there. Estimates claim that it costs over $17,000 per year for many people to raise their children. Technically, the range given is $15,438 to $17,375. Since that is an annual cost, that means it could cost over $312,000 to raise a child from the time they are born until they turn 18. And, because of inflation, the actual totals are much more likely to be higher than that. A child born in 2022 would not be 18 until 2040, and costs that year could be well over $17,000 annually.

Numerous factors play a role

One thing to remember is that the cost of raising a child is going to depend on a lot of different factors. For one thing, where you live makes a difference. Those who live in the city may have a higher cost of living than those who live in rural areas, for instance. Certain parts of the country are just going to cost more, so some parents may feel like they never spend even $15,000, while others may feel that $17,000 a year is way too low.

Additionally, it depends on the activities that the child does. If they play on sports teams or have other expensive hobbies, it can make the costs much higher. The same is true for parents who are paying to send their children to school, rather than sending them to tax-funded public schools.

As you can see, starting a family is a significant cost and could leave you with a high amount of debt. It’s important to keep all of your legal options in mind, which may include bankruptcy if the debt becomes overwhelming.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.