News

Report: Cost to raise today’s child tops $245,000

Report: Cost to raise today’s child tops $245,000

PAYING FOR BABY: 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. Photo: clipart.com

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.

Latest News

in Lifestyle

TOP 5: Worst things to buy online

Fresh
16-overlay7

Money expert Matt Granite explores what items are best purchased online and what items are better left to the in-store shopping experience.

in Music

The Gaslight Anthem taking hiattus

gaslightanthem

The rockers will be going on an indefinite break following their upcoming European tour.

in Entertainment

‘Partridge Family’ star David Cassidy discusses bankruptcy auction

20-overlay9

The '70s star is putting his Florida mansion up for auction in September.

in Entertainment

Stallone puts ‘Rocky,’ ‘Rambo’ memorabilia up for auction

sylvesterstallone

"Rambo" and "Rocky" fans no longer have to fight Sylvester Stallone for a piece of those movies' memorabilia.

in Entertainment

10 actresses that prove 50 is the new 30

12-overlay11

These 10 stars prove age is just a number.