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Planning a Family? It'll Now Cost You This Much to Raise the Child
KNWA via NBC News -- $245,340. That's the magic number for how much it will cost a middle-income American family, on average, to raise a child born in 2013 until he or she becomes an adult. And families living in the Northeast will be taking on a greater burden, according to a report out Monday. Those costs — food, housing, childcare and education — rose 1.8 percent over the previous year, the Agriculture Department's new "Expenditures on Children and Families" report said. As in the past, families in the urban Northeast will spend more than families in the urban South and rural parts of the U.S., or roughly $282,480. When adjusting for projected inflation, the report found that a child born last year could cost a middle-income family an average of about $304,480. The USDA's annual report, based on the government's Consumer Expenditure Survey, found families were consistent in how they spent their money across all categories from 2012 to 2013. The costs associated with pregnancy or expenses accumulated after a child becomes an adult, such as college tuition, were not included.