Study: Baltimore Parents Pay $23k Per Year to Support a Child
With National Family Week beginning November 24th, Upgraded Points released a new data study looking at the most expensive U.S. locations for raising kids, with data specific to Baltimore-Columbia-Towson, MD.
Researchers calculated the percentage difference in the required living costs to maintain a modest but adequate standard of living for 2-adult households with children compared to 2-adult households without children, across 385 metropolitan areas and all 50 states.
Below are some highlights from the report’s findings. The full study also includes a detailed methodology, as well as several interactive charts and tables.
Key Takeaways, With Data for Baltimore-Columbia-Towson, MD
- Children significantly increase household expenses: At the national level, having 1 child increases household costs by 40.4% annually on average, while having 2 children raises costs by 70.3%.
- Cost is a major deterrent: According to a recent Pew Research survey, 36% of adults aged 18 to 49 who do not have children cited affordability as a top reason for their decision.
- The cost of raising a child in the Baltimore metro: For a 2-adult household in the Baltimore metro area with no children, the average annual cost of maintaining a modest but adequate standard of living is $55,260. Adding 1 child brings that figure up to $77,886—an increase of 40.9%.
- Expenses for 2-child households: Families in the Baltimore metro with 2 children see a total of $95,514 in average annual living costs, 72.8% higher than households without kids.
You can read the full study here, including all sources: https://upgradedpoints.com/
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