Parents Have Sticker Shock at the Cost Of Raising Kids In 2024
A new report from Investopedia adds up all of the costs of raising a family.Fact checked by Sarah ScottFact checked by Sarah ScottIt doesn’t take study data to prove to parents that raising kids—or simply existing!—is more expensive than ever. A humdrum trip to the grocery store can send any mom or dad into a cold sweat upon seeing the ever-increasing total at the register.It turns out that according to a new report when you add up every expense a family will have over a lifetime, the cost of the so-called “American Dream” is practically unattainable for most of us. And truth be told, it looks different for all of us.Investopedia looked at the cost of eight key aspects of American life to put together a picture of how much it costs to “have it all” in today’s economic climate. Between owning a car, raising kids, going on vacation, and eventually retiring—are you sitting down?—it will set the average American back a jaw-dropping $4.4 million to attain the “American Dream.”
MoMo Productions / Getty Images
That’s over $1 million more than most of us will earn throughout the course of our lives; although dual-income couples will make more. Still, the report basically proves it’s next to impossible to accomplish the life goals many of us chase everyday.Just How Much Does It Cost To Raise Children?Most eye-opening for parents is that the report estimates the cost of raising two children from birth to age 17—with the cost of public, 4-year college figured in—is nearly $832,200. Even without the cost of college, we’re talking about almost $612,000 that parents will spend on raising their perfect American family. For those of us with more than two kids, that number is obviously higher. It’s hard to even digest the amount my husband and I will dole out to give our five kids a nice upbringing. No—I can’t even think about it without my heart racing! But we’re talking about well over $2 million. Did I mention I’ll be buying a lottery ticket on my way home today?Consider that this already dizzying number doesn’t even account for food and medical costs, which are two of the biggest expenses in our family. Of course other significant costs are owning a home and two cars big enough for our brood—and if we can afford it in a given year, going on a vacation with hotel accommodations that can sleep seven.Meanwhile, we haven’t even started to contemplate the cost of potentially paying for multiple weddings, which the report estimates cost $44,300, with the ring, ceremony, and reception.To Have Kids or Not To Have Kids?Given the scary amount associated with raising a family, it won’t be too shocking to learn that many couples are increasingly choosing not to go there. Indeed, a 2024 Pew Research Center study found that more than a third of adults under age 50 who don’t have kids cite affordability as the reason.So, how do you reconcile wanting to raise a family and the deranged dollar amount required to do so? That answer is different for each situation, but for me and my husband, it’s about essentially denying ourselves pretty much everything! While we buy our children new clothes and pay for their crazy-pricey extracurricular activities without batting an eye, we joke about wearing the same outfits since before they were born.As so many parents understand all too well, sacrifice comes with the territory of choosing to have children. Who else can relate to looking in their tween’s makeup organizer and realizing they have products that cost five times what’s on your own vanity? Sure, it’s hard at times to put yourself last, but to be honest, I’m used to it at this point! Maybe that’s just part of the newly-imagined “American Dream”: a house, cars, kids, and sporting clothes until they almost disintegrate! Or, agreeing to skip date nights until 2040; getting a haircut only when someone mistakes you for "Cousin It"; and my husband and I just exchanging cards for anniversaries and birthdays. Look, I’m OK with how our life is, although I’d be lying if I said that I didn’t wish certain things were more affordable, such as food, our car payments, and the colleges we’re looking into for our oldest child. But in the end, I don’t know that anyone is “thriving” the way they want to in today’s world. And reports like the one estimating the implausible cost of the “American Dream” are certainly provocative. But for now, we’re just doing our best, giving our kids everything we can, taking the journey day by day, and enjoying the heck out of being parents to our awesome, big-budget brood, challenges, and all. For more Parents news, make sure to sign up for our newsletter! Read the original article on Parents.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings