A Forbes article in relation to the expense of children now in comparison to 1960
- According to the U.S. Department of Agriculture, the cost of raising a child to the age of 18 is now a breathtaking $226,920.
- According to the U.S. Census, the median income of families in 1960 was $5,600; in 2010, it was $49,445.
- In 1960, the projected cost to raise a child to the age of 18, in 2010 dollars, was $185,856. This means that in 1960 a child would have cost 450% of a year’s income, vs. today’s 459% of annual income.
- The food allocation has dropped from 24% to 16%; we tend to forget, as a nation, just how much of a bargain our food is.
- Health care, has doubled from 4% to 8% of the total cost of raising a child.
- Child care has grown enormously, from 2% to 17%, no doubt due to households in which both parents work