How Much Does it Cost to Raise a Child in 2020?

Are you looking to start a family anytime soon? Well, you may change your mind once you find out how much it’s going to cost you.

According to a new Value Penguin report:

  • Total spending for a two-child household over 18 years will cost $252,072.
  • Annually, parents will spend $14,000 on each child.
  • Of course, it will be more expensive to raise a child depending on where you live.
  • The most expensive metro areas to raise a child include:
    • San Francisco-Oakland-Berkeley, CA ($18,429 a year, per child)
    • San Jose-Sunnyvale-Santa Clara, CA ($18,121)
    • Urban Honolulu, HI ($17,392)
    • New York City Metro ($17,378)
    • Washington DC Metro ($16,496)
  • As for the biggest expenses when raising a child, housing costs is the largest annual expense, about $3,970 per child.
  • Other top expenses include:
    • Food ($2,480
    • Childcare and education ($2,280)

Source:Yahoo Finance

Photo: Getty Images

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