USDA Says Kids Cost $245k To Raise
A new report from the United States Department of Agriculture says American parents should expect to spend on average a little over $245,340 (or $304,480 adjusted for projected inflation), to raise a child born in 2013.
That figure includes food, housing, childcare, education expenses and other costs of raising the child up to age 18. The total cost did vary with family income. Families earning under $61,530 per year are expected to spend $176,550 to raise a child, while families earning between $61,530 and $106,540 would spend $245,340. Families making over $106,540 can expect to spend $407,820.
The study found that housing costs are usually the biggest single expense in raising children, followed by education costs and food.