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Report: Raising Today's Child Tops $245K

Report: Raising Today's Child Tops $245K
Posted August 19th, 2014 @ 6:30am by Newser Editors and Wire Services

(NEWSER) – A child born in 2013 will cost a middle-income American family an average of $245,340 until he or she becomes an adult, with families living in the Northeast taking on a greater burden, according to a report out today. Those costs—food, housing, childcare, and education—rose 1.8% over the previous year, the Agriculture Department's new "Expenditures on Children and Families" report said. As in the past, families in the urban Northeast will spend more than families in the urban South and rural parts of the US, or roughly $282,480. When adjusting for projected inflation, the report found that a child born last year could cost a middle-income family an average of about $304,480.

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