Are you looking to start a family anytime soon?
According to a new Value Penguin report:
Total spending for a two-child household over 18 years will cost $252,072.
Annually, parents will spend $14,000 on each child.
Of course, it will be more expensive to raise a child depending on where you live.
The most expensive metro areas to raise a child include:
San Francisco-Oakland-Berkeley, CA ($18,429 a year, per child)
San Jose-Sunnyvale-Santa Clara, CA ($18,121)
Urban Honolulu, HI ($17,392)
New York City Metro ($17,378)
Washington DC Metro ($16,496)
Minnepolis/St. Paul/Bloomington ($14,368)
As for the biggest expenses when raising a child, housing costs is the largest annual expense, about $3,970 per child.
Other top expenses include:
Childcare and education ($2,280)