REPORT: Cost To Raise Today's Child Tops $245,000

WASHINGTON (AP) - A federal report finds that an American child born last year will cost a middle-income family an average of more than $245,000 until he or she becomes an adult.

The Agriculture Department's report found that families in the urban Northeast tend to pay more on average than the rest of the nation. The costs of food, housing, childcare and education have risen 1.8 percent since 2012.

The USDA's report was first issued in 1960, when a middle-income family spent about $25,230 per child. That's about $198,000 in 2013 dollars.

Housing expenses made up 30 percent of the cost, followed by childcare, education and food. The report didn't factor in expenses after a child turned 18, such as college tuition.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

We encourage commenting on our stories to give you a chance to express your opinion. We rely upon the online community to report abuse. Repeat violators may be banned from posting comments. CLICK HERE for the guidelines for posting comments.
powered by Disqus