Raising a child nowadays is no financial breeze, according to the latest U.S. Department of Agriculture report.
A middle-income family with a child born in 2011 can expect to spend about $234,900 for food, shelter, and other necessities to raise that child until he or she is 17 years old, the USDA said.
According to the USDA’s latest annual report, the most recent cost estimates represent a 3.5 percent increase from the 2010 cost of raising a child.
But it’s not the same cost for everyone. Here’s a breakdown:
- A family earning less than $59,410 per year can expect to spend $169,080 on a child from birth through high school.
- A family with an income between $59,410 and $102,870 can expect to spend $234,900 from birth through high school.
- A family earning more than $102,870 can expect to spend $380,670 raising a child from birth through high school.
Note: The figures are in 2011 dollar amounts.
The USDA said the biggest expense hikes come in the form of transportation, childcare, education and food. The report is based on the federal government’s consumer expenditure survey.
“For the year 2011, annual child-rearing expenses per child for a middle-income, two-parent family ranged from $12,290 to $14,320, depending on the age of the child,” the USDA press release stated.
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