CHICAGO – A recent report from Lending Tree, an online lending company, highlights the increasing costs associated with raising children in the United States.
The findings reveal what many parents have suspected for years — kids are expensive, and the expenses keep rising.
The report states that the average cost of raising a child from birth to 18 years old now exceeds $237,000. On an annual basis, this amounts to slightly over $21,000 per child.
Notably, this represents a 20 percent increase since 2016.
These costs encompass a wide range of essential expenditures, including food, child care, clothing, health insurance, transportation, and housing.
It’s important to note that these calculations exclude expenses related to college tuition, extracurricular activities, and after-school classes, which would further contribute to the overall cost of raising a child.