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.
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
Hobbies and toys, £9,307
Leisure and recreation, £7,464
Pocket money, £4,614
Personal items, £1,130
Other (includes driving lessons, first car, birthday and Christmas presents), £14,195
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