It will cost an average middle-class family nearly a quarter of a million dollars to raise a child — and that doesn’t even count paying for college, according to a new report.
A middle-income family with a newborn last year can expect to shell out $245,340 through junior’s 18th birthday, according to an annual estimate from the U.S. Agriculture Department. The price tag climbs to $304,480 if inflation is factored in.
Though the total child-related cost is up only 1.8% from last year, it demonstrates the range of expenses that families incur, including housing (30% of the total), childcare (18%), education (18%) and food (16%).
The average family spends $12,800 to $14,970 a year per child. Middle-income families are defined as those earning $61,530 to $106,540.
Outlays vary significantly based on household income, according to the report.
A family earning less than $61,530 a year is likely to spend $176,550. A family with household income topping $106,540 will spend more than twice that amount — $407,820.
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