Parents Projected to Spend $241,080 to Raise a Child
Washington, D.C. - The U.S. Department of Agriculture released an annual report today called the Expenditures on Children by Families. It's also known as the Cost of Raising a Child.
The report shows that a middle-income family with a child born in 2012 can expect to spend about $241,080 for food, shelter and other necessities until the child is 18 years old.
That's a 2.6 percent increase from 2011. That figure is lower than the average increase of 4.4 percent since 1960.
A family earning less than $60,640 a year can expect to spend a total of $173,490 on a child. Whereas a family making more than $105,000 can expect to spend $399,780.
The annual report is based on data from the Federal government's Consumer Expenditure Survey. There is a lot more information in the report. To check it out, click here.