Cost of raising children is on the rise - KXXV Central Texas News Now

Cost of raising children is on the rise

(Source: KXXV) (Source: KXXV)
(KXXV) -

The average American family will spend as much as the cost of an Aston Martin on raising one child.

According to the USDA's Expenditures on Children by Families, or more commonly referred to as "The Cost of Raising a Child," the average family will spend around $12,980 each year per child.

The parents of a child born in 2015 can expect to spend $233,610 for food, housing and other necessities by the time the child is 17. This doesn't include the cost of a college education. 

Barbara Crosby, Director at Baylor's Piper Child Development Center, is all too familiar with the costs associated with raising a child. As the mother of two adult children and head of the Piper Lab School, the figures come as no surprise. 

"I think first and foremost today's economy is probably child care are we going to put our children in childcare or are one of us going to stay home," Piper said.

Shauna Reddick, a mother of two, said despite being a stay-at-home mom she is still preparing for the potential costs.

"I'm starting to think about preschool for my daughter and that's a couple hundred dollars a month you have any activities that they want to do. The cost of clothing the cost of housing things like that," Reddick said.

While the expenses obviously vary from the family's income and the ages of the child, the bulk of income went to three places - 29 percent of expenses go to paying for housing, food is 18 percent and child care is 16 percent. 

Reddick said her parents encouraged her not to be too intimidated by the costs.

"They told me not to list  every single thing on paper, because that may make you not want to be a parent."

Reddick affirms that every dollar is worth it.

The study found that annual expenditures had increased $380 from the year before. USDA attributed those increases to changes in housing, clothing and health care. 

Crosby points out that this study and other experts say that the costs of raising children decreases when there are multiple children. Parents save money by not having to purchase many of the same items again. Products like toys and clothes can be shared.

More importantly Crosby tells parents not to be discouraged by the costs. "They don't have to have the latest technology toy  they do not have to have designers clothes they do not have to have all the bells and whistles they need a mom and a dad that love them."

To read the study in full, you can find it here. 

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