FILE - Family running together. (Sam Mooy/Getty Images)How much does it cost to raise a kid in America?
The average American household’s median income is nearly $80,000 as of 2021, according to the U. S. Department of Housing and Urban Development.
That’s an increase over the 2020 median income, which was $78,500. Despite the increase, historically high inflation rates have impacted the cost of everyday items and services many families have come to depend on, putting huge financial stress on many Americans. RELATED: This is how much money you need for a wedding in 2022A recent analysis by the Brookings Institute found that the cost of raising a child has risen upward of $300,000 due to soaring inflation.
A married, middle-income couple with a child born in 2015 will spend an estimated $310,605 from birth until the child turns 17, according to Brookings.