WASHINGTON - A child born in 2013 will cost a middle-income American family an average of $245,340 until he or she becomes an adult, with families living in the Northeast taking on a greater burden, according to a report out Monday.
Those costs -- food, housing, childcare and education -- rose 1.8 percent over the previous year, the Agriculture Department's new "Expenditures on Children and Families" report said. As in the past, families in the urban Northeast will spend more than families in the urban South and rural parts of the U.S., or roughly $282,480.
When adjusting for projected inflation, the report found that a child born last year could cost a middle-income family an average of about $304,480.
The USDA's annual report, based on the government's Consumer Expenditure Survey, found families were consistent in how they spent their money across all categories from 2012 to 2013. The costs associated with pregnancy or expenses accumulated after a child becomes an adult, such as college tuition, were not included.
In 1960, the first year the report was issued, a middle-income family could spend about $25,230, equivalent to $198,560 in 2013 dollars, to raise a child until the age of 18. Housing costs remain the greatest child-rearing expense, as they did in the 1960s, although current-day costs like childcare were negligible back then.
For middle-income families, the USDA found, housing expenses made up roughly 30 percent of the total cost of raising a child. Child care and education were the second-largest expenses, at 18 percent, followed by food at 16 percent.
Expenses per child decrease as a family has more children, the report found, as families with three or more children spend 22 percent less per child than families with two children. That's because more children share bedrooms, clothing and toys, and food can be purchased in larger, bulk quantities.
Angie's List: Beautify with stamped concrete
Creating a picture-perfect patio with stone, tile or pavers can be pricey. But beautifying your backyard doesn't have to break the bank.
Don't fall for fake Kroger discount coupons
Another big discount coupon is going viral, and this time it involves Kroger supermarkets.
RECALL: Ikea baby safety gates can come unlocked
IKEA PATRULL, PATRULL FAST and PATRULL KLÄMMA safety gates and safety gate extensions sold from August…
Angie's List waives fees to see reviews
As of Wednesday, Angie's List is waiving the subscription fee for those who want to see its reviews, but not pay for them.
Stopping termites before they come knocking
There's a big difference between a welcome guest and an unwelcome pest – but termites don't much care.
Angie's List: Spray-tan, avoid sun dangers
As you head out to the pool this holiday weekend, think twice about sun exposure.