Would you have guessed $300,000? That’s what the Department of Agriculture’s annual report says a middle-income family with a child born in 2011 can expect to spend for food, shelter and other necessitites to raise that child over the next 17 years.
The report divided households into three income groups.
- The lowest group can expect to pay about $212,000 to raise a child, the middle group will pay around $295,000, and the highest group should expect a figure close to $490,000.
- Housing is the largest factor when determining costs, ranging from about $3,000 to more than $7,000 per year based on income level. The second largest costs include child-care and educational costs (middle and upper income groups) and food (low income group).
- Overall, annual costs ranged from $12,290 to $14,320 for middle-income families.
Read the entire report here!