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 Viral Videos

This ‘Single Ladies/Ducktales’ mashup is a thing of beauty

Fresh
12-overlay4

WATCH: The infamous video from Beyoncé's hit single pairs perfectly with the cartoon theme song.

in Entertainment

Cast of ‘Big Bang Theory’ helps students study science

bigbangtheory

Dozens of crew and cast members, including Jim Parsons and Kaley Cuoco-Sweeting, have raised more than $4 million for "The Big Bang Theory" Scholarship Endowment.

in Music

New Kentucky festival to mix country and rock

mirandalambert

Miranda Lambert, Kings of Leon and Green Day are headlining the new NiFi Festival.

in Music

Shania Twain goes to great lengths to keep her voice in such good shape

shaniatwain

The "Man! I Feel Like a Woman" hitmaker has adopted a fierce pre-show ritual.

in Entertainment, Lifestyle

Google wants the world’s photos

google

The online photo service is the latest example of Google's desire to wrap its tentacles around virtually every part of people's lives.