The Department of Agriculture estimates that in 1960 it cost middle-income families $259,711 (in 2025 dollars) to raise a child. In 2015, it cost $414,000 (again, in 2025 dollars), an increase of over 50 percent—substantially more than median household income increased over this time period. As a result, women are having fewer children. During the 1950s and early 1960s, the U.S. fertility rate (the average number of children a woman had in her lifetime) exceeded three.