Cost of raising a child through age of 17 spikes to more than $310K

Posted at 6:49 AM, Aug 22, 2022
and last updated 2022-08-22 06:49:30-04

(WXYZ) — The cost of raising a child through the age of 17 has gone up to more than $310,000, according to a new analysis from The Brookings Institution.

The organization ran the numbers for the Wall Street Journal, and said that for a married, middle-income family, it costs $310,605 to raise one child.

That works out to an average of more than $18,000 per year, and is a 9% increase from the year before.

Brookings Institution used data from the U.S. Department of Agriculture's report from 2017 on "expenditures on children by families" and then updated it with higher inflation rates.