Parents Will Spend Almost $250,000 To Raise A Child Born In 2012
Middle-income parents who had a child in 2012 can expect to pay close to a quarter of a million dollars to feed, shelter, and provide the other necessities needed to raise their child over the next 17 years.
In its annual report, "Expenditures on Children by Families," the U.S. Department of Agriculture found that a middle class family would spend about $241,080 or $301,970 when adjusted for projected inflation, to raise a child born in 2012. The report, which was released Aug. 14 and is based on data from the federal government's Consumer Expenditure Survey, found that annual expenses for a two-parent middle-income family ranged from $12,600 to $14,700 for each child.
"This report gives families with children a greater awareness of the expenses they are likely to face," USDA Food, Nutrition and Consumer Services Under Secretary Kevin Concannon said in a news release. "The report is also a valuable resource for courts and state governments in determining child support guidelines and foster care payments."
Not surprisingly, the rising costs of education, child care, and health care saw the largest percentage increases from 2011. Apparently parents aren't hitting enough sales racks because clothing also saw a large percentage increase as well. Housing, food, transportation, and other miscellaneous costs saw smaller percentage hikes.
The costs associated with raising a child in 2012 represents a 2.6 percent increase over figures from 2011 but are still lower than the average annual increase of 4.4 percent.
Read the entire Expenditures on Children by Families 2012 report here.
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