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 Entertainment

Billboard suggests Sean ‘Diddy’ Combs in the line of fire for ‘Rush Hour 4′

puffdaddy

Is this a prank or is Puff Daddy replacing Chris Tucker in the fourth installment of the franchise?

in Music

This week’s top country tracks

zacbrown

LISTEN: This week's top country tracks, according to the latest Billboard chart.

in Lifestyle

Diet Pepsi dropping aspartame on customer concerns

soda

The decision to swap sweeteners comes as Americans keep turning away from popular diet sodas.

in Entertainment

Coming soon to Netflix

Netflix

This is the last weekend to binge on these shows and movies. Get a sneak peak at what's leaving Netflix and what will be new in May.

in Entertainment

David Letterman gets star-studded send-off

letterman

CBS is giving him 90 minutes of prime-time real estate for a tribute show.