Q:

Can I financially afford a baby?

A:

Quick Answer

According to the United States Department of Agriculture, the annual cost of raising a child in 2012 for a middle-income, two-parent household ranged from $12,600 to $14,700. This varies depending on the age of the child.

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Can I financially afford a baby?
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Full Answer

The highest expense is for housing. A family that does not move after having children does not have higher annual cost for housing. According to CNN, another big expense is for child care. In some areas, families spend $1,000 per month for one child. As with everything, the cost of raising a child depends on location with families in the Northeast spending the most. According to the USDA, each additional child costs 22 percent less. This is because children share rooms, items such as toys and clothes are passed down and most child care agencies give discounts for siblings.

Every year, the United States Department of Agriculture produces a report called Expenditures on Children by families. This report details the average costs of raising children by families in different regions. The department also has a calculator on its website that allows users to determine the annual cost of raising a child in their area based on the age of the children, annual household income and whether it is a one- or two- parent household.

Sources:

  1. money.cnn.com

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