Cost of raising children higher than ever

According to the U.S. Department of Agriculture, the price of childcare has risen 23 percent since 1960, and expenses have gone up 2.6 percent from 2011 to 2012. Parents of children born in 2012 can anticipate spending at least $241,080 on each child from birth to adulthood and can expect those expenses to double if their child attends college.

The agency’s research indicates that housing was the greatest expense, and parents spent approximately 30 percent on it, with childcare coming in second for more affluent families. Families with less disposable income were more apt to spend more on food and other necessities. Government agencies and courts use this information in order to calculate payments for foster care and child support.

Child support costs vary based on certain factors, such as family size, geography and income level. In addition, those parents with more money tend to spend more to raise their children. Less access to resources tends to increase the challenges and stresses of raising children. Geography also plays an important role. Parents raising their children in rural areas and the urban South find it less costly than those who live in West, Midwest and Northeast cities.

The cost of childcare in New York City can be high, and parents going through divorce may worry about their children. A skilled child support and family law attorney may be able to help parents work out agreements as far as child support payments are concerned so the children can benefit best from the arrangements. A lawyer may also be able to assist those looking to modify their current agreements.

Source: Los Angeles Times, “Price tag for raising a baby until adulthood: $241,080“, Shan Li, August 29, 2013