Have A Newborn or Toddler? It May Cost You
The USDA released its annual report on Expenditures on Children by Families found that middle-income families with a a child born in 2011 can to spend around $234,000 per child for the next 17 years.
The report has been issued annually since 1960 and takes factors into account such food, shelter, and other necessities. The $234,000 is a 3.5% increase from 2010 with transportation, child care, education, and food saw the largest percentage increases related to child rearing.
The report also factored in a family earning less than $59,410 per year can expect to spend $169,080 on a child from birth to graduation in high school.
Housing costs are the largest expenditure on child rearing in the report as 30% of the total cost from birth to high school graduation for the child.
The next two largest expenditures were child care and education. Food followed next in the list of highest percentage of expenditures.