News

Report: Cost to raise today’s child tops $245,000

Report: Cost to raise today’s child tops $245,000

PAYING FOR BABY: The USDA's report was first issued in 1960, when a middle-income family spent about $25,230 per child. That's about $198,000 in 2013 dollars. Photo: clipart.com

WASHINGTON (AP) — A federal report finds that an American child born last year will cost a middle-income family an average of more than $245,000 until he or she becomes an adult.

The Agriculture Department’s report found that families in the urban Northeast tend to pay more on average than the rest of the nation. The costs of food, housing, childcare and education have risen 1.8 percent since 2012.

The USDA’s report was first issued in 1960, when a middle-income family spent about $25,230 per child. That’s about $198,000 in 2013 dollars.

Housing expenses made up 30 percent of the cost, followed by childcare, education and food. The report didn’t factor in expenses after a child turned 18, such as college tuition.

Recent Headlines

4 hours ago in Entertainment

‘To Kill a Mockingbird’ headed for Broadway debut

mockingbird

Harper Lee's classic novel is coming to Broadway for the first time in a new stage version written by "West Wing" writer Aaron Sorkin.

5 hours ago in Entertainment

Charlize Theron gearing up for ‘Fast 8’

charlizetheron

The "Mad Max: Fury Road" star is in early talks to play the villain in the eighth installment of the hugely successful street racing series.

5 hours ago in Entertainment

‘Deadpool’ isn’t even out yet – but a sequel is in the works

18-overlay-6

Ryan Reynolds suits up as the homicidal mercenary, aka Wade Wilson, in the adaptation of the Marvel comic book series, which opens Friday.

5 hours ago in Music

Randy Travis performs for first time after stroke

randy-travis

The "Forever and Ever, Amen" singer is slowly regaining his abilities following his 2013 health scare which left him unable to walk and talk.

5 hours ago in Trending, Viral Videos

TODAY’S MUST SEE: Russian egg roulette with Peyton Manning & Magic Johnson

16-overlay-12

It's the Super Bowl 50 champ versus the NBA legend.