The table below shows the estimated annual costs of raising a child,
based on a survey by the U.S. Department of Agriculture. The table
shows costs based on a family with two children on a per-child
basis. The data comes from the Consumer Expenditure Survey by the
U.S. Department of Labor, conducted from 1990-92.The figures have
been updated to 2001 dollars using the Consumer Price Index.
The USDA ends its cost survey when a child legally
becomes an adult at age 18. It does not include any estimates for
sending your children to college nor does it offer any cost
estimates if your child remains in your home as a dependent after
the age of 18. The College Board reports that in the 1998-99 school
year, a resident student at a four-year private college will spend
about $23,578 a year; a student at a public college will pay $9,008
a year.
¹ The figures represent estimated expenses on the younger child in a
two-child family. Estimates are about the same for the older child, so a
family of two would then double the total cost. Thus, a family with two
children and an income of less than $39,100, could expect to spend somewhere
around $249,600, for two children by the time they each had reached age 18.
If you have only one child, the USDA assumes you'll spend slightly more on
that child and suggests multiplying the total expense for the appropriate
age category by 1.24. If you have three or more children, the USDA assumes
you'll spend slightly less per child. To estimate expenses for each child in
a family with three or more children, multiply the total expense for each
appropriate age category by 0.77. For expenses on all children in a family,
these totals should be summed.
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