In a report released on Monday, the USDA calculated how much money it will take to raise a child born in 2013. Not including the costs of college, the average middle-income American parents can expect to shell out about $245,000 over the course of 17 years, or between $12,000 and $15,000 a year depending on age. That’s the AVERAGE. It will cost parents in the Urban Northeast about $282,000. Here are the numbers in detail:
Not surprisingly, expenses have increased dramatically since the USDA started releasing its annual “Expenditures on Children by Families” report in 1995. Data from the original report shows that total costs have gone up by at least $60,000 for middle-income families:
Remember that none of this takes into account 4-year college expenses, which could increase the price by $40,000 to $160,000, depending on the type of institution.
h/t Mother Jones