As inflation has risen around the country, in a 40-year high, a new study has found that it costs about $300,000 to raise a child.
The study was conducted by the Brookings Institution, and it was found that a parent needs about $310,605, to raise a child until about 17 or 18-years-old. That is close to $18,271, a year.
The study is based upon middle-class married couples with two kids that reside with them.
As inflation rates climb, many parents have to pay more for many expenses, from childcare to milk and cereal.
The number of young adults that say that they probably won’t have kids or won’t ever have kids has risen from 37 to 44 percent, from 2018 to 2022, stated the Pew Research Center.
The study also found that inflation has impacted Black families raising children at a higher rate. This is because they experience more price volatility, or changes in prices that affect their budgeting practices, more than non-Black families.
In 2021, Forbes found that Black families make about 10% less than white families.
Additionally, the annual average earnings of all U.S. employees is close to $42,000 as 43% of Black employees make less than $30,000, each year.
At the beginning of this week, the Biden administration passed the Inflation Reduction Act. This will lessen health care costs which entails prescription drug costs and broaden health insurance coverage for Black families.