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Report: $245K Average To Raise A Child

Updated: Monday, August 18 2014, 03:27 PM CDT
(CBS)-- Raising a child comes with plenty of expenses.

A new report shows it can cost nearly a quarter of a million dollars and that's not including college.

A new report for the U.S. Department of Agriculture shows a middle income husband-wife family with a young child will spend more than $245,000 on that child before the child turns 18.

Housing is the biggest expense, making up roughly 30 % of the total cost. Child care and school expenses makes up around 18 % and 16 % is spent on food.

The report found the more children a family has, the less they spend on each kid, because siblings can share rooms, clothes, and toys.

Families in the Northeast spend the most because housing and other costs are higher. The south and rural areas spend the least.

The cost to raise a child goes up every year, but the USDA says those costs are starting to slow down, thanks to lower inflation.

The study looked at the expenses of about 12,000 husband-wife families and around 3,000 single-parent families.
Report: $245K Average To Raise A Child

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