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The cost of raising a single child to high school graduation will cost you $300,000—or the price of a 2022 Ferrari F8 Spider—due, in part, to surging inflation, according to a recent estimate from the Brookings Institution.
The Wall Street Journal reported that the study focused on middle-income families who had a child in 2015. The study found the average child costs about $18,271 a year. The $300,000 mark is a 9 percent increase from the study when it was conducted in 2020. Inflation in the U.S. is currently at 8.5 percent, which is down from 9.1 percent in June.
Brookings based its study on data from the U.S. Agriculture Department and considered expenses ranging from dance lessons, food, clothing, and even haircuts. In 2015, a federal government projection put the total child-raising cost at more than $233,000, ABC Chicago reported.
“It’s useful to remind people how much it’s going to cost to raise a child. It’s not exactly trivial,” Isabel Sawhill, a Brookings senior fellow, told Axios. “And [parents] are going to either have to work harder or make other sacrifices in terms of what they consume.”
Lower-income families will be hit the hardest and black families also tend to be more exposed to inflationary pressures. The biggest costs include child care, preschools, and nursery schools, Diane Schilder, a senior fellow at the Urban Institute, told The Wall Street Journal.
TRENDPOST: It is a small wonder why the population growth in the U.S. is down to a historic low, with only a 0.1 percent growth from July 2020 to July 2021. The Brookings Institution noted in an earlier study that the U.S.’s population grew by just 392,665 during the time frame, which is down from the 1 million in the previous three years.
The white population made up most of the decline, but Latino, Hispanic, Asian American, black, and Native Americans all registered losses, the report said.
A recent Pew Research poll found that young adults in the U.S. are dealing with financial hardships and are living with their parents at a higher rate than 50 years ago. A Lending Tree survey found that almost half of renters think they will never be able to own a home due to affordability.
Marketplace reported that in 1972, an average home sold for $26,800, which is about $189,000 in today’s dollars. But since then, the price of a home skyrocketed 132 percent.
Most responsible young people do not want to start families until they believe they can afford to raise a child.
The Trends Journal has named “Unionizations” a TOP TREND in 2022 with the new push by the workers of Slavelandia to have union representation to demand higher salaries to provide for their families.