Thursday, June 14, 2012

New Baby? That Should Cost You $235,000

Posted By on Thu, Jun 14, 2012 at 2:31 PM

A new report indicates that a middle-class U.S. family will spend roughly $8,000 more to raise a child born in 2011 than in 2010. The average cost of food, clothing, health care and other expenses rose 3.5 percent to just under $235,000 over 17 years, according to the U.S. Department of Agriculture. That amount rises to about $295,560 if projected inflation costs are factored in.

Housing was the top expense parents can expect to deal with, followed by child care and education, food and transportation.

In 1960, the first year the report was produced, a middle-income family would have spent about $25,000 over the course of 17 years, or $191,720 adjusted for today's dollars.

The study defines middle-income families as those who make $59,000 to $103,000 a year before taxes.

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