How Much Do You Think It Costs To Raise A Child In The U.S.?
CHARLOTTE, N.C. — Gas prices are crazy high. Inflation is through the roof. Our wallets are stretched thin right now. There’s some good news: America is not the most expensive place to raise a kid!
But it’s not the cheapest, either.
South Korea and China are the most expensive countries to rear a child. That’s according to a new study by China’s Yuwa Population Research Institute. The U.S. ranks in the middle of the pack of 14 countries. The rankings are based off a country’s GDP (gross domestic product). For example, it costs about $75,000 to rear a child, until 18, in China. It costs more than $200,000 to raise a child in the U.S.
But researchers say it’s all relative. When you look at the cost compared to the average disposable income, China becomes one of the most expensive place to raise children.
We asked people at Romare Bearden Park in Uptown how much they thought it costs to raise a child. Some of their guesses included:
“Let’s just say a million dollars, maybe two million.”
“I’m gonna say $500,000.”
“Probably, I’ll say $150 (thousand) for each.”
“I think it may be more than $100,000.”
“It might be easily $40,000”
Everyone we talked to guessed correctly that education and child care make up a large portion of expenses. The study also found the number one reason women didn’t have children is the cost.
Our question of the night: does money factor into your family planning?
This episode’s panel features:
WCCB TV’s Morgan Fogarty
WCCB News @ Ten anchor Drew Bollea
WCCB News Edge contributor Ashley Anderson