Not every adult couple in Oklahoma either can or wants to have children the traditional way. Fortunately, these couples can choose to adopt a new child into their family. With that in mind, it’s understandable to have lots of questions about adoption. Here’s more information about a commonly asked adoption question: How much does adoption cost?
The average cost to adopt a child
The cost of adopting a child can vary wildly. For instance, you might spend far less to adopt a child from a government-sponsored program. On the other hand, adopting a child from a private agency can cost anywhere from $20,000 to $45,000.
Resources to lower or eliminate adoption expenses
Of course, adoption expenses won’t cover how much it costs to raise that child until they become a legal adult. Research shows that it costs $272,049 to raise a child from birth until they reach adulthood. Unless you have money saved, hearing about the costs of adoption can sound scary. Fortunately, there are a few resources that can help lower your adoption costs.
Many states offer adoption subsidies for parents adopting children from a foster care program. These subsidies can include monthly payments, assistance with medical costs and other nonrecurring expenses. Some employers have even started giving employees who adopt children financial assistance.
Parents can also get tax credits per adopted child under the age of 18. These tax credits can cover adoption fees, travel costs and other expenses related to adoption. Keep in mind that this credit is only applicable for people within a certain modified adjusted gross income.
Unfortunately, there’s no way to exactly predict how much it costs to adopt a child. With that said, you should be glad to know that there are many programs in place to help lower your adoption expenses.