Cost to raise child under 5 in Virginia rises to $28,300 annually

RICHMOND, Va. (WWBT) -New data from SmartAsset shows it will cost families around $28,300 annually to raise a child under 5 years old in Virginia this year.

The figure represents a 3.8 percent increase from last year, adding more than $1,000 in additional costs for families each year.

Wendy Malamphy, a mother of three adult children, said the rising costs are affecting young people’s decisions on when they can start a family.

“Well, I think it’s scary, and I think they’re holding off on having kids because right now the price of housing, the price of rent, everything is much more expensive than it was when I was 26 and thinking about starting a family,” Malamphy said.

She said the rising costs even change how she talks to her own children about family planning when they are ready.

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