Middle-income parents will spend $241,080 to raise a child for 18 years, says a new government report.
That’s nearly a quarter-million dollars, and it doesn’t include the cost of college.
The U.S. Department of Agriculture said on Aug. 14 that its estimate includes the cost of housing, food, transportation, clothes, health care, school, and child care, as well as things like toys and computers.
The report didn’t say if its estimate includes driver’s-ed expenses.
If you know urbanites living near Boston or New York who had a child last year, they’ll pay the most of anyone in the country if they earn at least $105,000: they’ll spend $446,100 on a child for 18 years.
Rural families that earn less than $61,000 annually will spend the least, $143,160.
As a frame of reference, the household median income for Washington is $58,890, according to the U.S. Census Bureau, while in Oregon it’s $49,850. The national average is $52,762.
Read the CNN Money article.