We knew having children wasn’t cheap. We love them to bits, but those little buggers come with a hefty price tag. And no wonder, they rely on us for pretty much everything: shelter, food, daycare, clothes, oh, and a lot of your time. Like, all of it.
But just how much does it cost to raise a kid in 2017? According to new findings released by the United States Department of Agriculture, $233,000 USD, or $308,000 Canadian, roughly. That number, which breaks down to about $17,000 CAD a year, represents the average spend for a middle-income couple with two children. And that number, of course, can rise and fall, depending on the family’s geographical location—urban areas just cost more than rural.
While these latest numbers above are out of the US, for comparison, MoneySense took a similar look at the cost of raising kids in Canada in 2011, and then updated said numbers in 2015 based on inflation. They estimate the cost at $257,000 to raise a child from infancy to 18.
It’s important to note, however, that some of the stats are a bit misleading. For example, even if you’re a single person or a couple looking to buy a house, chances are, you’ll pick a place that has two, if not three, bedrooms, even if you don’t have offspring to fill the spaces. We’ve all got to live somewhere.
The biggest cost for most parents is likely childcare. According to data collected in December 2016 by the Canadian Centre for Policy Alternatives (CCPA), the average Toronto parents will shell out more than $1,000 per month per kid. And we’re not talking infant care here, which can easily creep into the $2000 range. That’s a lot of dough to mind your little ones while you earn a wage.
All of this is to say: kids are and will continue to be expensive little creatures. But is there really a price tag for unconditional love? We’ll let you be the judge of that.