A middle income family with a child born in 2007, will pay a total of $204,060 to care for that child until its 18th birthday, according to a report from the U.S. Department of Agriculture (USDA).
In its latest release of The Cost to Raise a Child Today (.pdf), the USDA reports that the cost to feed a child has decreased over the past several years, the costs of child care and education have increased substantially.
"The cost of providing food decreased from 24 percent to 17 percent of total child-rearing costs, while child care and education expenses increased from 2 percent to 12 percent. Housing remains the single largest expenditure during a child’s 17 years, averaging 33 percent of the total costs, though its share increased slightly from 31 percent of costs in 1960."For a middle-income, two-parent, two-child family, expenses for one child ranged from $10,930 to $12,030, per year depending on the age of the child, with expenditures on teenagers being the highest."
According to the USDA, the overall cost of raising a child has increased 15 percent from 1960 to 2007. Compared to today’s $204,060, the cost to raise a child through age 17 in 1960 was $25,230.
Also See: USDA Confirms Low-Cal Foods Costs More
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