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Entries in Living (2)

Thursday
Jun142012

Cost of Rearing a Child Rises to $234,000

iStockphoto/Thinkstock(WASHINGTON) -- Having kids is expensive, as if parents needed to be told that. But the U.S. government issued a report today quantifying just how expensive: For a child born now, it will cost an average of $234,900 to raise them, and that’s just to age 18.

The total cost is up 3.5 percent from a year ago, according to the U.S. Department of Agriculture report.   Child care and education, transportation and food had the biggest cost jumps.

Costs vary by family income. A typical family earning less than $59,410 a year will spend $169,080 in 2011 dollars to rear a child, but parents who make over $102,870 will pay $389,670, according to the study.

Costs have changed over the years, the report stated. Health care in constant dollars has doubled since 1960. Child care and education went from 2 percent of the pie to 18 percent today. Housing costs stayed roughly the same at 30 percent.

The report doesn’t cover college costs, but an estimate by 529s.com puts the cost of a private college education at $420,000 in 18 years, and a public education at $195,000 for in-state students.

Copyright 2012 ABC News Radio

Monday
Jun272011

Report: Two Might Not Always Live More Cheaply than One

Brand X Pictures/Thinkstock(NEW YORK) -- It's a growing trend. The number of couples co-habitating has risen 13 percent in the past year, to include 7.5 million couples. But a new study suggests, combining households doesn't always save people money.  
 
A review of census data by the Pew Research Center finds household income for co-habitants without college degrees is about the same as those who live alone.  

Living together does pay off for college-educated co-habitants, whose household incomes are about $15,000 higher than those who don't live with partners, and $5,000 more than married couples.  

Scientists say the less-educated tend to marry younger, possibly divorce sooner and are more likely to be left with children, while degree holders are often two-income earners.

Copyright 2011 ABC News Radio







ABC News Radio