Households in the top-third income bracket, that is above $118,200 in income, will spend $289,380 by their child’s 18th birthday—or about $17,000 a year, according to a Department of Agriculture study.
And MSNBC says the real cost is probably a million dollars per kid or more,
when you consider extras like sports equipment, summer camps, private school, Disney vacations, and a full-time nanny. Some parents throw extravagant birthday parties and won’t hesitate to buy their kids the latest video games and cell phones and splurge on Spanish and painting lessons.
College is left out of the USDA’s price tag. That’s $23,712 per year for a private college and $6,185 a year for a public college according to the College Board.
Then there are the children who live at home after college and indirect costs when a parent gives up work or promotions to care for children.