According to new research developed by LendingTree, raising a child in the United States from birth to age 18 can cost approximately $237,482 dollarsthis figure represents more than 20% compared to 2016.
This average cost was evaluated without taking into account additional expenses such as medical care and savings for university; according to the agency, the annual average is more than $21,681 dollars. For Matt Schulz, chief credit analyst at LendingTree, This may be one of the reasons why many Americans are currently postponing or foregoing having children.s.
The analyst highlighted that “it is completely understandable that people are scared to death about how they are going to pay to raise that child, it is discouraging when you consider that in these figures we do not even take into account the cost of university, for example,” he told CBS.
The figures presented by LendingTree only take into account “basic” expenses such as: food, clothing, child taxes, but it does not add extracurricular activities, sports or university planssince the latter, for example, can double the cost of raising a child.
“Most people’s margin for financial error is pretty small, and a few hundred dollars here and there can be really significant when you’re on a tight budget and living paycheck to paycheck,” Schulz added.
Another analysis that LendingTree revealed is that Child care can be one of the highest expenses you can have while raising a child.currently amounts to $11,752 dollars per year, many parents do not have enough income to leave the workforce and dedicate themselves to the full care of the infant.
However, this price may vary depending on the state in which you reside since in many places child care can reach $25,000 a year.
This led to the conclusion that geographical location can affect the expenses incurred when raising a child, for example; Hawaii is shown as one of the most expensive, reaching $30,506 dollars annuallycompared to Mississippi where supporting a child until age 18 can cost about $15,555 a year.
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Source: La Opinion
