Average Cost of Raising a Child: $245,340

By: WOWT 6 News
By: WOWT 6 News

The USDA updates this figure every year. Now the government says it costs the average middle-income family about $245,340 to take care of a child from infancy through the age of 17.

That’s up 1.8% from the previous year. The USDA considers housing expenses, food expenses, transportation expenses, clothing expenses, health care expenses, child care and education expenses, and miscellaneous expenses – down to the cost of haircuts and toothpaste.

The USDA has come up with this figure every year since 1960. In 1960, the average cost of raising a child was $25,229 or $198,560 when adjusted to 2013 figures. Over this time, the impact of child care and education grew tremendously from 2% of the budget for raising a child to 18%. The impact of food declined from 24% to 16% of the budget.

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