Are you looking to start a family anytime soon? Well, you may change your mind once you find out how much it’s going to cost you.
According to a new Value Penguin report:
- Total spending for a two-child household over 18 years will cost $252,072.
- Annually, parents will spend $14,000 on each child.
- Of course, it will be more expensive to raise a child depending on where you live.
- The most expensive metro areas to raise a child include:
- San Francisco-Oakland-Berkeley, CA ($18,429 a year, per child)
- San Jose-Sunnyvale-Santa Clara, CA ($18,121)
- Urban Honolulu, HI ($17,392)
- New York City Metro ($17,378)
- Washington DC Metro ($16,496)
- As for the biggest expenses when raising a child, housing costs is the largest annual expense, about $3,970 per child.
- Other top expenses include:
- Food ($2,480
- Childcare and education ($2,280)