This is how much money you need to raise a child in the US – Insurance News Net
How much does it cost to raise a kid in America?
The average American household’s median income is nearly
Despite the increase, historically high inflation rates have impacted the cost of everyday items and services many families have come to depend on, putting huge financial stress on many Americans.
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The cost of raising a child is going up
A recent analysis by the
A married, middle-income couple with a child born in 2015 will spend an estimated
Separately, LendingTree researchers estimated that basic costs for raising a child in the
“And that’s not counting the expenses for sports teams, summer camps, birthday parties and more,” according to LendingTree.
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LendingTree’s data was based on two-couple earners who only had one child.
Average cost of raising a child by category
When breaking down the cost of essential needs for a child or children in the
According to data examined by the
And once that baby comes home, on average, that baby will go through about 6,000 diapers during their first two years of life, according to data collected by Realdiapers.org. Disposable diapers for a single baby will cost around
Food to feed your family is an essential and sometimes non-negotiable purchase when it comes to budgeting. Data collected and adjusted for current inflation by Investopedia found that families who adhere to a lower budget were spending about
The average cost of clothing per year was about
In addition, families who require child care will shell out thousands and will invest more to ensure their children have quality care. Using an interactive budget calculator from Costofchildcare.org, families with babies would need to spend nearly
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Prices are decreasing, but inflation is still high
Falling prices for gas, airline tickets and clothes gave Americans a little bit of relief in
Consumer prices jumped 8.5% in July compared with a year earlier, the government said, down from a 9.1% year-over-year increase in June. On a monthly basis, prices were unchanged from June to July, the first time that has happened after 25 months of increases.
The reprieve offered no certainty that prices would stay on the decline. Inflation has slowed in the recent past only to re-accelerate in subsequent months. And even if price increases continue to weaken, they are a long way from the Fed’s 2% annual target.
“There’s good reason to think inflation will continue to slow,” said
Even if it were to fall to 4% — less than half its current level — Pugliese suggested that the
All told, the July figures raised hope that inflation may have peaked after more than a year of relentless increases that have strained household finances, soured Americans on the economy, led the
The Associated Press and
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