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(CNN) For the Duke and Duchess of Cambridge, having three kids won't break the bank. For many other Millennial Brits, a family of that size just isn't an option.|
Catherine, Duchess of Cambridge, gave birth to the couple's third child, a son, on Monday.
Raising one child in the United Kingdom to the age of 21 costs about £232,000 ($323,000), according to the Centre for Economics and Business Research (CEBR). In London, that rises to £254,000 ($354,000).
That means a London-based family with three children is looking at a total cost of more than $1 million, and that doesn't include private schools or university fees, which together can easily add another $200,000 per child.
Earning power isn't a problem for Kate and Prince William. They receive millions from Prince Charles to cover the cost of their official duties, own a country mansion, and enjoy a London residence — Kensington Palace — rent free.
The average Londoner, by contrast, will have to pay £472,000 ($658,000) to buy a home.
Little wonder then that British women are having far fewer children than past generations.
To put this in perspective, the median UK income for a working household is just £29,300 ($40,100) per year, after income tax deductions, according to the UK Office for National Statistics.