These days, your little miracles have paid a huge price.considering inflation costfor the average American, having a child costs more than a penny.
The last time the government looked into the cost of raising children, U.S. Ministry of Agriculture Name a child born in 2015: $233,610.
It takes into account child-related costs, including food, childcare, after-school activities, transportation, healthcare and clothing (though it forgets to account for all kinds of plastic toys like sharp Lego blocks and creepy LOL dolls).
Today, a married, middle-income family with two children could spend $310,605 on a child born in 2015, according to Brookings’ review of children born in 2015. Wall Street Journal. This breaks down to an average of $18,271 per year.Median household income is estimated to be $76,563 as of April 2022 find alpha.
The generation to consider becoming a parent now: Millennials, many of whom are saddled with unprecedented debt Going through two recessions before they turned 40, many of them were The notoriously expensive housing market during the pandemic.
They were a little hesitant to start a family because of tight money. From 2018 to 2022, the number of young adults who said they were unlikely or unlikely to have children increased from 37% to 44%. Pew Research CenterThat’s not shocking when you consider that the median home price is only $100,000 more than what it would cost to raise a child in that house.
In short, millennials may be choosing between buying Barbie’s dream home or owning a mini-me. After all, the median sale price for a home is just over $100,000 more than having a baby — $412,739, according to the data. redfin tuna.
Pushing back and choosing between life milestones
Ask any billionaire you find on the street and they’ll tell you there’s a population problem.Warren Buffett may pass divide his property To every baby after death.Elon Musk claims he’s addressing the problem by have twins. And in 2021, U.S. birth rate drops to lowest For over a century, recently Report Data from the United Nations shows that the global population shows no signs of slowing down.
huge cost parenting Becomes harder to find and pay for along the way ongoing crisis In an industry exacerbated by the pandemic, when childcare costs A 41% increase, according to LendingTree Report March. According to LendingTree, such high prices have led young parents to spend an average of 20% of their income on childcare for their children under the age of 5.
As inflationary costs hit grocery store, it becomes more difficult to buy essentials for yourself and a small mouth. Inflation hits black, Native American and Latino families hardest, polling Research from NPR, the Robert Wood Johnson Foundation and Harvard’s TH Chan School of Public Health found that more than half of black and Latino households say rising expenses are causing “serious financial problems.” For Native American respondents, that number reached more than two-thirds.
For wealthy Americans — and upper-middle class people who don’t feel wealthy but live in more expensive coastal cities — $300,000 may be the minimum they can spend on a child, depending on factors like private schools. Neither the USDA nor the Brookings Institution have entered the minefield of college tuition.
As for buying a home in those competitive coastal markets?Average selling price of a home in the region apple $825,000 these days, per redfin tunaand in 2022, Los Angeles’ median home price outperforms potential homeowners $955,000.
But at least prospective parents in New York and California can now count on their states to protect women’s right to choose how and when they need to start a family.with the overthrow Roe v Wadesome families can’t even make choices about their important financial and life milestones.
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