If you invested almost half a million dollars into raising one horse and only a fraction of that raising a second horse, you’d expect the first horse to do better in life, wouldn’t you? Be shinier, sleeker, more confident, faster. Maybe it would jump higher, eat more apples. Brush its own hair, I don’t know, whatever good horses do. Maybe you’d think of it as more valuable. But what about children?
High-income families who live in the urban Northeast, for example, are projected to spend nearly $455,000 to raise their child to the age of 18, while low-income rural families will spend much less, an estimated $145,500, according to the report.
Part of this can be chalked up to the astronomical cost of childcare, especially in certain regions:
In 2012, center-based care for one infant was greater than median rent payments in nearly half of the states, according to Child Care Aware of America’s most recent report. In Seattle, Britta Gidican and her boyfriend spend $1,380 each month on daycare for their 17-month-old son, just $20 less than they spend on their mortgage each month. “When I was pregnant I knew daycare would be expensive,” said Gidican, a public relations manager. “But I didn’t expect to pay two mortgages.”