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Cost of raising a child reaches nearly $250,000

Cost of raising a child reaches nearly $250,000

By Jennifer Griswold. CREATED Aug 18, 2014

WASHINGTON - When it comes to raising a child, it'll cost you a lot! The U.S. Department of Agriculture has been looking at the annual cost of raising a child since 1960.

They just released new numbers. To raise a child born in 2013 to the age of 18, it'll cost a middle-income, two-parent couple just over $245,000. That's up more than $4,000 or nearly 2% from the previous year. 

The figures are based on the cost of housing, food, transportation, clothing, health care, education, child care and other expenses like haircuts. It does not include the cost of college. 

The housing costs vary by region. The south has the most affordable housing costs. 

When the study was first conducted in 1960, the cost to raise a child was $25,230 which they say is $198,560 in 2013 dollars. 

You can look at the full report here