The cost of raising kids is higher than ever. A new study from The Brookings Institution reports that it now costs roughly $300K to raise a child, including costs of baby food, clothing, toys, and sports and educational supplies—which are all getting more expensive due to inflation. In fact, the estimated cost of raising a child has increased over 9% from just two years ago. These rising costs may mean that many Millennials will reconsider starting families, or having additional children. Certainly, many Millennial parents are cutting back on costs like vacations, eating out, and brand names. But while many Millennial families will struggle with these rising prices, Black families are uniquely impacted, and “experience higher levels of price volatility, which can make it difficult for households to determine how much the money they earn will buy.” (WSJ)
