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Why Are Children So Expensive? - The Challenges of Raising a Child Today - YouTube
Channel: Practical Wisdom - Interesting Ideas
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what's the cost of raising a child in America聽
today how much will it cost to raise your kid聽聽
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are you thinking of starting a family chances are聽
you've considered it once or twice if you are in a聽聽
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serious relationship that's probably come up in聽
conversation children are a lot of fun and it's聽聽
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a noble idea to want to continue your family's聽
legacy but there are some costs associated with聽聽
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raising children that you should prepare for so聽
in this video we're going to look at the cost of聽聽
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raising a single child from birth to the average聽
age they're expected to move out of their parents聽聽
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house which research is disclosed is 22 years old聽
although here's an interesting fact research has聽聽
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found that more than 1 in 10 adults are still聽
living with their mother and father at the age聽聽
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of 40 isn't that shocking in a report released in聽
2017 the USDA says it will cost two hundred and聽聽
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thirty three thousand six hundred and ten dollars聽
to raise a child in America today that's a harsh聽聽
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reality especially if you want a large family but聽
there are some things you can do to prepare for聽聽
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that reality the average middle-income couple with聽
two children is estimated to spend two hundred and聽聽
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thirty three thousand six hundred and ten dollars聽
per child that number doesn't include college聽聽
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expenses but with the average college tuition in聽
America costing on average thirty three thousand聽聽
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four hundred and eighty dollars in a private聽
college and twenty four thousand nine hundred聽聽
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and thirty dollars at a public college the cost聽
of raising one child skyrockets to over a quarter聽聽
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of a million dollars that's one expensive聽
kid the cost of raising a child obviously聽聽
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depends on several factors including housing food聽
education from preschool through high school child聽聽
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care health care personal care and entertainment聽
expenses in 2015 the USDA surveyed about thirty聽聽
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thousand households and determined the cost really聽
depends on your lifestyle and where in the country聽聽
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you live for instance it costs an estimated聽
one thousand five hundred dollars more to聽聽
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raise children in an urban setting versus a rural聽
setting it cost parents in the urban northeast聽聽
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about two hundred and sixty four thousand dollars聽
to raise children versus just over two hundred and聽聽
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twenty four thousand dollars in the urban Midwest聽
contrast that with moms and dads who spend about聽聽
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two hundred and thirty two thousand dollars to聽
raise children in the urban South and a little聽聽
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over two hundred and forty five thousand dollars聽
in the urban West those living in rural areas pay聽聽
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the least at an average of about one hundred聽
ninety three thousand twenty dollars according聽聽
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to the FDA data a family's largest expenses聽
housing which accounts for twenty nine percent聽聽
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of the overall cost of raising a child in America聽
after that or food at eighteen percent child care聽聽
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and education at sixteen percent transportation聽
at fifteen percent health care at nine percent聽聽
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seven percent for miscellaneous purchases and six聽
percent for clothing if you anticipate paying for聽聽
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your child's private school education or hiring聽
tutors your cost would be higher than a family聽聽
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that sent their kids to public school and if you聽
grow a raise most of the food your family consumes聽聽
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your food costs will probably be lower than the聽
family the chops at the supermarket although聽聽
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these costs are outstandingly shocking here's the聽
good news family suit plan on having three or more聽聽
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children can expect to spend twenty four percent聽
less on average per child compared to those with聽聽
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two kids this is thanks to a phenomenon referred聽
to as the Cheaper by the Dozen effect thanks to聽聽
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the economies of scale with regards to children聽
as families increase in size children may share聽聽
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a bedroom clothing and toys can be reused and聽
food can be purchased in larger more economical聽聽
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packages but don't let all these numbers overwhelm聽
you children might be expensive but they're聽聽
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worth every penny with all this information in聽
mind you could be more financially prepared to聽聽
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become a parent thanks for watching and聽
if you guys would like more videos like聽聽
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this please leave your thoughts in the comment聽
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