New research shows cost of raising a child is rising

By Angela Christoforos, News 4 Reporter

BUFFALO, N.Y. (WIVB) — Having a child and raising it is getting more expensive by the year.

Jodi Schwegler has 2 kids ages 4 and 1. She says just daycare alone puts a big dent in her family’s budget.

“I’d say 30% of our budget is spent on child care and we’re spending upwards of $200 a week,” said Jodi Schwegler of Kenmore.

According to new data from the Department of Agriculture, a middle class family is estimated to spend more than $200,000 to raise a child born in 2015. And that number only covers costs through age 17, not including college. On average families spend nearly $14,000 a year to raise a child.

Child Care Resource Network CEO Amanda Kelkenberg says day care costs hit many local families the hardest.

“Here in Western New York the costs specifically around child care are even higher. Our data suggests that the cost of child care in Western New York. are almost 12% higher,” said Kelkenberg.

Kelkenberg says regulation standards for quality child care make New York state one of the highest for costs of child care in the nation.

“I would pay anything to make sure my babies are safe during the day but it does add up and it does put a big dent in our budget,” said Schwegler.

The USDA research says housing, education, and food also come at a high cost for families.

“Overall raising my children comes to between 40 and 50% of my budget altogether,” said Schwegler.

The research estimates are based on 2015 numbers so it’s likely babies born this year will cost even more!

Unfortunately it only gets worse, according to the research older kids in their teenage years are more expensive than babies. And don’t forget about college, the government estimates that could cost more than $40,000 a year.

http://wivb.com/2017/01/12/new-research-shows-cost-of-raising-a-child-is-rising/

New research shows cost of raising a child is rising