Tags: cost | raise | child | 245000

Cost to Raise a Child: $245,000 for a Kid Born In 2013

By    |   Monday, 18 Aug 2014 03:52 PM

Parents can expect a child born in 2013 to cost them more than $245,000 to raise to age 18, according to new numbers released from the U.S. Department of Agriculture.

The annual study, Expenditures on Children by Families, highlighted a 1.8 percent increase from 2012. The costs vary significantly based on geography and family income, the study said.

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“A family earning less than $61,530 per year can expect to spend a total of $176,550 (in 2013 dollars) on a child from birth up to age 18,” the USDA press release said. “Middle-income parents with an income between $61,530 and $106,540 can expect to spend $245,340; and a family earning more than $106,540 can expect to spend $407,820.”

Middle-income is defined in the report as the middle third of the income distribution for a two-parent family with children.

"Food is among the top three expenses in raising children," said Center for Nutrition Policy and Promotion Executive Director Angela Tagtow in the release. "Parents have the challenge of providing food that is not only healthful and delicious, but also affordable.”

Housing, food, and transportation are the primary costs identified in the study. Housing makes up 30 percent of the costs, food, 16 percent, and transportation, 14 percent, the study said.

The six-figure number made waves online.



"In today's economy, it's important to be prepared with as much information as possible when planning for the future," said USDA Food, Nutrition and Consumer Services Under Secretary Kevin Concannon in the release. "In addition to giving families with children an indication of expenses they might want to be prepared for, the report is a critical resource for state governments in determining child support guidelines and foster care payments."



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Parents can expect a child born in 2013 to cost them more than $245,000 to raise to age 18, according to new numbers released from the U.S. Department of Agriculture.
cost, raise, child, 245000
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2014-52-18
Monday, 18 Aug 2014 03:52 PM
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