Study finds raising a child to age 18 now costs more than $300,000

The price tag on parenthood continues to rise. New analysis from LendingTree estimates it now costs $303,418 to raise a child from birth to age 18 in the United States, excluding college expenses. That's an average of $16,857 a year. According to the study, childcare is among the biggest expenses families face in a child's first five years, along with housing, food, transportation and health insurance costs. The growing cost of raising a family is leading some younger adults to delay or reconsider having children altogether, a topic explored in this week's episode of the In Your Corner podcast with CBS News Philadelphia consumer reporter Josh Sidorowicz. Financial advisor Jay Foley, president of MaxGuard Wealth, said finances are an important consideration for prospective parents, but not necessarily the deciding factor. "If you want to have children, you'll find a way to pay for it," Foley said. "Which is why I'm so adamant about 'pay yourself first.' It's so important to not lose sight of the fact we're going to retire someday, and we have to be saving money, and that has to come first. And whatever's left over is left over and not the other way around." In this episode, Josh and Jay also discussed the role social media may play in shaping expectations around family life and whether there is ever truly a "right time" to become a parent. The LendingTree analysis found the total cost of raising a child has increased nearly 28% since the company's first report in 2023. While annual childcare costs dipped slightly from last year, the overall financial burden on families continues to grow. You can find the full conversation on the CBS Philadelphia YouTube channel or wherever you get your podcasts . Looking for help with a consumer issue? Click here to submit your complaint to In Your Corner . In: Pennsylvania Consumer News Philadelphia Featured Local Savings