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 Music

This week’s top country tracks

blakeshelton

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

in Entertainment

See what’s new on Netflix this month

17-overlay6

Are you over fireworks and cookouts? Stay inside and binge on these movies and shows that are now showing on Netflix.

in Entertainment, Sports

Mayweather, Pacquiao, Perry among the ‘best paid’ celebrities

maypac

Musicians and athletes dominate the world's highest-paid celebs, according to the latest rankings.

in Entertainment, National

Celebrate safely with these fireworks tips

Since Independence Day falls during the work week, members of St. Richard Catholic Church celebrated the holiday on Sunday, June 30, 2013, with a picnic-style outing complete with fireworks that could be seen throughout the northeast Jackson, Miss. neighborhood. The long streamers were recorded in a 13-second time exposure. (AP Photo/Rogelio V. Solis)

Don't be one of the thousands of Americans injured by fireworks on July Fourth. Stay safe and have a happy holiday!

in National, Viral Videos

WATCH: The origin of fireworks

17-overlay

The history behind the July Fourth firecrackers that mark our Independence Day celebrations.