It now prices greater than $300,000 to boost a toddler, due to inflation

It now costs $310,605 for a married middle-income couple with two children to raise their youngest child from birth through high school, according to a recent estimate from the Brookings Institution.

The estimate builds on a 2017 report from the US Department of Agriculture. Back then, the agency estimated that it cost a middle-income, married couple $233,610 to raise a child to the age of 17. The price factored in expenses for food, shelter and other necessities for a child born in 2015, but notably not the cost of a college education.

Brookings found that today’s record-high inflation has dramatically increased those costs. Brookings first shared the numbers with the Wall Street Journal.

“It causes people to recognize that when you start having a family or when you increase the size of your family, you’re going to have to make some tradeoffs with other items in your budget,” said Isabel Sawhill, a senior fellow in economic studies at Brookings Institution who authored the study…

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