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Having a child costs £68,000 more than buying a house in Birmingham, report finds

The typical cost of raising a child in the West Midlands is £234,269, according to calculations for LV=, while a house in Birmingham costs just £166,164

84,000 Birmingham children living in poverty
Being a parent is expensive business

Raising a child costs £68,000 more than the average house in Birmingham, a new report has found.

The typical cost of raising a child in the West Midlands is £234,269, according to calculations for LV=, while a house in Birmingham costs just £166,164 on average.

Generally, the most expensive years for raising a child are when he or she is between the ages of one and four, with childcare costs placing a particular strain on budgets. Parents typically spend £63,224 during these years.

The first year of a child’s life is also a financial pinch point, with parents typically spending £11,498 when many will have seen a cut in their income due to taking leave from work to care for their baby.

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Parents with children in private education can expect to pay much more.

The report, compiled by the Centre for Economics and Business Research (Cebr) for LV=, found that sending a child to private school would add, on average, £141,863 for a child attending day school, or £260,927 for a child boarding at school.

Here is how the cost breaks up:

  • Childcare and babysitting, £70,466

  • Education (excluding private school fees), £74,430

  • Food, £19,004

  • Clothing, £10,942

  • Holidays, £16,882

  • Hobbies and toys, £9,307

  • Leisure and recreation, £7,464

  • Pocket money, £4,614

  • Furniture, £3,408

  • Personal items, £1,130

  • Other (includes driving lessons, first car, birthday and Christmas presents), £14,195

Gap between Birmingham and London property prices grows

The cost of a child by age:

  • First year, £11,498

  • Years one to four, £63,224

  • Years five to 10, £48,479

  • Years 11 to 17, £55,197

  • Years 18 to 21, £53,445

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