It looks like I am in the minority this year! I can only think of a couple friends who are pregnant or just had a baby. It seemed like EVERYONE was with child when I had my now 2-year-old. I have no idea how much we spend on the boys each year, but it isn't cheap. At least they can share clothes and hopefully some sporting equipment. However, I have a feeling I will be buying food in huge bulk supplies in the coming years! I do not want the boys living with us after they turn 18 years old. Hopefully we won't be in another recession at that time!
Relative to average cost, however, is income level. A household yielding an annual income of less than $45,000 will spend roughly $156,469 on their child until they turn 18. Incomes between $45,000 and $75,000 spend $214,829, while households earning $75,000 and above splurge over $312,286 by the time their teen graduate's high school. Afterwards, parents can expect to shell out for college tuition, along with additional financial burdens induced by a stagnant economy.
Major financial considerations, such as private school, have not been factored into the average, but count as significant expenses that get even pricier for those living in urban areas. Total expenses used to calculate IBISWorld's estimate on the average total cost of raising a child include:
With housing encompassing the greatest portion (35 percent) of total expenses, expect to see adverse effects brought on by foreclosures and rising unemployment - especially in hard hit states like California and Arizona.