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.

Recent Headlines

in National

Bet you didn’t know: Fun facts about the Fourth

13-overlay

Even the most patriotic among us can learn something from these little-known facts about Independence Day.

in National

Stronger economy, cheap gas means more people on the road

gasprices

More than 40 million Americans are expected to hit the road for the long holiday weekend.

in Lifestyle, National

5 ways to save money on your summer road trip

roadtrip

While a domestic road trip might appear like an affordable alternative to traveling abroad, costs can easily spiral out of control.

in Sports

U.S. files formal extradition request for 7 FIFA officials

fifa

U.S. officials are looking into alleged bribery worth more than $100 million involving high-ranking officials at soccer's world governing body.

in National

Campaign highlights stress of fireworks on combat veterans

fireworks

For hundreds of thousands of veterans with post-traumatic stress disorder, symptoms can be worsened by the cracks and thunder of celebratory fireworks.