It’s been estimated that raising a child from birth through age 18 costs just under $227,000, or slightly more than the current median price of a home in the U.S. That figure doesn’t include college. Once a four-year degree is factored in, along with “opportunity costs” related to a parent’s slower career path related to child-rearing, it’s not uncommon to cost over $1 million to raise a child from birth to college age. The numbers are enough to scare off potential parents from having one child, let alone more—but there’s an argument to be made that kids are, in fact, cheaper in multiples.
Children aren’t exactly the equivalent of a “buy one, get one free” deal. But, thanks to hand-me-down clothing, cribs, and other kid detritus, the amount needed to raise a second child is much less than the first. And a third kid? That baby’s quite an amazing bargain, by comparison.
The USDA is the agency that comes up with the cost estimates for parents: A baby born in 2010 will cost $226,920, on average, or $286,860 with inflation, to raise until age 18.
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