Truth: raising a child is expensive. In 2014 alone, a middle-income family with two children should spend at least $12,000 a year per child, and when you include inflation, it will continue to increase over the years.
The amount you spend, however, can depend largely on many factors, including where you live. This is because some states have a cheaper cost of living than the others.
So how much will it cost you to rear children in Utah, especially in Salt Lake City? Read on to find out.
Research shows that the median home price in Utah’s capital is $275,500 while the rent can be as much as $1,350, although this is cheaper than that of Salt Lake City metro. If you wish to live in the capital but you want to avoid a hefty price tag on a home, you can look for properties in Fairpark or Glendale.
Education costs can be either higher or lower depending on the age and the level of education. In Salt Lake City, for example, childcare homes can charge between $300 and $600 for children up to two years old. Daycare in the city, meanwhile, can be as low as $150 to $500. Because of the differences in pricing, you need to choose a daycare center carefully.
Data shows that on average, every person in Salt Lake City may have to spend $274 per day for food. A huge portion of your daily budget actually goes to breakfast, lunch, dinner, snacks and drinks, coffee, and other food items.
These numbers do not have to scare you. Instead, use them as your guide when planning for your family and budget. As long as you know how to save as much as you can, raising a child, given your income, should not be too challenging.