Fact Check: Average Family Spends $310,605 Raising a Child to Age 17
What We Know
The claim that the average family spends $310,605 raising a child to age 17 is supported by multiple reputable sources. According to a report by the Brookings Institution, this figure reflects the increased costs associated with raising a child, particularly in light of rising inflation rates. The report indicates that the cost has risen from a previous estimate of $284,594 in 2017, primarily due to inflation and economic factors exacerbated by the COVID-19 pandemic.
The Washington Post corroborates this figure, stating that families will spend around $310,605 from birth until the child turns 18. This estimate is based on data from the U.S. Department of Agriculture and includes various expenses such as housing, food, education, and healthcare.
Furthermore, Investopedia and U.S. News also confirm that the average cost to raise a child to age 17 for a middle-income family is indeed $310,605. These sources highlight that this figure is reflective of the economic realities faced by families today, including rising costs in various sectors.
Analysis
The sources providing this information are credible and well-regarded in their respective fields. The Brookings Institution is a highly respected think tank known for its research on economic and social issues. Their analysis incorporates historical data and projections, making it a reliable source for understanding the financial implications of raising children in the current economic climate.
The Washington Post and Investopedia are both established media outlets that provide financial information and analysis, further supporting the reliability of the claim. They both reference the same underlying data from the U.S. Department of Agriculture, which is a government entity that regularly conducts studies on family expenditures.
However, it is important to note that while these figures provide a general estimate, actual costs can vary significantly based on factors such as geographic location, family size, and individual circumstances. For example, families in urban areas may incur higher costs compared to those in rural settings. Despite these variations, the consensus across multiple reputable sources supports the claim that the average expenditure is approximately $310,605.
Conclusion
The claim that the average family spends $310,605 raising a child to age 17 is True. This figure is well-supported by multiple credible sources, including the Brookings Institution and major news outlets, which have analyzed the data and trends influencing child-rearing costs. The increase in this estimate reflects broader economic conditions, including inflation, which have made raising children more expensive in recent years.
Sources
- It's getting more expensive to raise children. And ... - Brookings
- How much does it cost to raise a child? - Washington Post
- How Much Does It Cost to Raise a Child in the U.S.? - Investopedia
- How Much Does it Cost to Raise a Child? - Ally
- How Much Does It Cost to Raise a Child? | Spending - U.S. News
- How much it costs to raise a child in the US - ABC News
