Average cost of raising a child hits $245,000

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Raising a child mostly relies on the income of the parents since some parents may be earning a lot of income thus spending much on their kids. Others may forego spending much income on their children so as to cater for other needs with the income. In USA, the average cost of raising a child last year was not as high as it is now (Friday and Swint, 2007). An explanation may be due to the fact that the income allowance for normal household in the country by then was $4,020, for a household to meet the guidelines of poverty.
According to the research conducted by the Department of Health and Human Services the statistics indicated that living cost for bringing up a child has hit $245000 (Friday, 2013). Some citizens calculated the cost of raising one child for a period of one year to be $2,900.Therefore, it means that from the childhood period till the child attains 18 years, the total cost over the years was anticipated to be $52,000.Apparently in USA the cost of living has been increasing day to day in correspondence to the income levels of the citizens.
This can be use to explain why the cost of raising a child in USA has increased up to $245,000. This estimate is for a middle family that sparingly spends money by just catering for the basic needs of the child that means the cost may be higher for a family leading a spendthrift lifestyle (Friday and Swint, 2007). It explains why most families in the United States are small with only one or two children in most households. In conclusion, the tremendous increase in the cost of raise young ones is contributed by the country’s economic status.

References
Friday, H.Swint, 2007.”Cost of raising children not as high as government would have you believe”. Retrieved March 31,