The federal government released two pieces of news recently. Together they show that skipping parenthood provides the cost of a home (which may have been previously owned or may be new), one that costs more than the national median.
According to a press release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development:
The median sales price of new houses sold in July 2014 was $269,800; the average sales price was $339,100. The seasonally adjusted estimate of new houses for sale at the end of July was 205,000. This represents a supply of 6.0 months at the current sales rate.
The U.S. Department of Agriculture reports:
[A] middle-income family with a child born in 2013 can expect to spend about $245,340 ($304,480 adjusted for projected inflation) for food, housing, childcare and education, and other child-rearing expenses up to age 18. Costs associated with pregnancy or expenses occurred after age 18, such as higher education, are not included.
That means the home can be redecorated and have a new lawn.
The Census Bureau also has reported that the average number of children in households with them is 1.86, putting the savings for having no children in these households at $456,330. That, in turn, would buy a home at the median price in an expensive city like Seattle or Boston.
Taking into account the expenses for college, and some people who skip having children can buy a mansion.
READ ALSO: The 10 Most Affordable Housing Markets in America
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.