Raising a Child Costs $2.7 Million from Birth to Age 22, Housing Being the Biggest Expense
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It costs an average of $2.7 million to raise a family of 4 from birth through age 22, according to government statistics. This is based on what families actually report spending.
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The biggest expense is housing, costing over $800,000 on average. This includes both renters and homeowners.
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Transportation takes up the next largest share at around $425,000. This includes costs like vehicles, gas, and motor oil.
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Food is the third largest category, with families spending over $250,000 on items like groceries and restaurant meals.
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Healthcare, entertainment, clothing, and retirement savings make up other major chunks, each costing 6 figures on average over 22 years.