Had a Baby Last Year? That'll Be $241K
And the price tag doesn't include college
By Matt Cantor, Newser User
Posted Aug 15, 2013 4:56 AM CDT
A child born this year will cost some $241,000 to raise.   (Shutterstock)

(Newser) – If your middle-income family welcomed a baby last year and plans to raise him or her to the age of 18 (you may not want to anymore after reading this), you're looking at a $241,080 bill. That's according to a new USDA report, which sees the cost of raising a kid up 2.6% from 2011—higher than the rate of inflation, Bloomberg reports. And if you adjust for future inflation, the total bill hits nearly $302,000. The biggest cost involved: housing, at 30%. Next up, for lower-income families, is food, while it's child care in richer homes.

Thanks in particular to housing and health care costs, the total figure has risen 23% since 1960, USA Today reports, which is when the yearly study began. And it doesn't include college. There is, however, a big difference in spending between wealthy and lower-income families: Total spending on a kid born in 2012, counting inflation, will range from $217,000—for families making less than $60,640—to some $501,000 for families making more than $105,000. Also worth noting: Wealthy families spend three times as much as poorer ones on entertainment and books for their kids.

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Showing 3 of 44 comments
NorCalHal
Aug 19, 2013 5:53 PM CDT
Could the cost be so high because something like 3 out of 5 or 4 out of 5 are born to illegals in some hospitals and the rest of us have to pay for raising them?
kati
Aug 16, 2013 7:13 AM CDT
Spay/neuter, then you can breed all you want.
Brohan
Aug 15, 2013 6:18 PM CDT
Don't worry, Oba'mama will take care of you.