A middle-income family can expect to spend $291,570 including inflation to raise a child born in 2008 to adulthood, This was reported in a new study by the US department of Agriculture. It is slight up from the same figure last year. If you have three kids, you will spend nearly a million bucks on them! See this report on Reuters.
The estimate covers food, shelter and other necessities for a child to age 18. The figure does not include the cost of childbirth or college. I also assume it does not incude private schooling or technotools like iPhone or laptops. Last year, the USDA estimated it would cost $269,040 to raise a child born in 2007 to age 18, including inflation. The USDA has made the estimates since 1960, when the estimated cost was $25,300.
Average Indian American household will spend way more than that for their kids. Indian American household income is the largest among any ethnic groups (also highest educated) and they are keen on spending it on their children. They even save up to pay for the college education and wedding!
The growing cost of childrearing is another reason, families in the west are limiting number of children they are having. More children also mean more cost of raising them, which they do not have. parent become more preoccupied with saving up for their retirement and do not want to keep incurring expenses on their children. No wonder children per household is lagging behind the replacement need of 2.1 per family. Population control policy is imploding on western civilization leading to demographic winter.