Ever wonder how much it really costs to raise a family of four in America? 👨👩👧👦 Well, a new report just dropped with cold hard facts and figures. 📊 You know, in case "an arm, a leg, and a firstborn" wasn't accurate enough. 😆
From healthcare to groceries, here are some of the most noteworthy stats.
Here’s Five Fast Facts on the cost of family life in the U.S.:
- 🔢 Add It All Up - Each year, the Bureau of Labor Statistics surveys Americans on how much they make and spend. According to the most recent Consumer Expenditure Survey, a family of four spends roughly $123,106 per year. To get an idea of how much money is spent raising two children from birth to financial independence, multiply that number by 22. The total? $2.7 million.
- 🥓 Bringing Home the Bacon - According to the Census Bureau, the median family of four had an income of $113,000 in 2022. The Consumer Expenditure Survey showed a slightly higher mean average income of $139,902. (Bling Bling)
- 🏡 Dwelling Dollars - The largest expense for a family of four? Housing. On average, families spend $811,734 to keep a roof over their head from the time their kids are born until they turn 22. The survey took into account both buyers and renters, so the number is the same regardless of your living situation. This number also factors in expenses like utilities, furniture, and household appliances.
- 🥐 The Biscuit Budget - Food costs families roughly $250,000. What takes up the largest portion of the family grocery budget? Bakery products, including crackers and bread.
- 🩺 An Apple a Day - The average family of four spends $137,170 on health care costs over a 22 year period. Most of that amount goes toward health insurance ($93,588). The rest goes toward medical services and medical supplies.
🔥Bottom line: What was the smallest spending category? Reading materials. Families typically spend around $2,860 on things like books and newspaper subscriptions over 22 years. Compare that to the $104,544 spent on entertainment. Maybe we should spend a little less time at the arcade and a little more time in the book nook?!
What's your family's biggest expense?
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