According to a recent report which was released by US department of Agriculture, it will cost $253,770 for an average family to raise their child in urban Pennsylvania. And the cost does not include child’s college expenses. The rural residents of Pennsylvania can expect to pay around $193,000 to raise their children.
Families report on the Expenditures on Children which is usually known as “The Cost of Raising a Child,” uses the latest data from 2015 to determine that, how much parents can expect to pay for their children food, housing, transportation, health care and other necessities from the time of birth to till the age of 17.
In the National wide report it is found that the average cost to raise a child is $233,610. But the residents of Pennsylvania who are part of the urban Northeast region should expect that they have to pay around $20,000 more than the National wide average cost to raise a child.
According to the report, housing expenditure makes up 29 percent of the total cost to raise a child, whereas Food makes up 18 percent, which is followed by child care and school education 16 percent, transportation counts 15 percent and health care adds 9 percent. Clothing and other miscellaneous add 13 percent
Director of the Office of Financial Security for the US Department ‘Louisa Quittman’ said on Tuesday, “Understanding the costs of raising children and planning for anticipated and unexpected life events is an important part of securing financial health,”
Cost of raising a child was highest in the urban Northeast, which was followed by the urban west, where costing is around $235,140. The Midwest is the least expensive urban area to raise a child ($217,020).
Across rural parts of the Country, families can expect to pay $193,020 to raise their child.
Children-rearing costs "vary greatly" depending on the number and ages of children in a household, according to the report's author. As family size increases, costs per child generally decrease.
“There are significant economies of scale, with regards to children, sometimes it is referred as the ‘cheaper by the dozen effect.’ As the size of a family increase, children may share a bedroom their clothing and toys can also be reused, and food can be purchased in larger, more economical packages.” author Mark Lino said.
AMandeep
