Are you a middle-income parent who had a baby in 2011? You’re probably going to be jealous of your pals who birthed offspring in 2010, as it’s about $8,000 more expensive to raise a child born in 2011 over 17 years than the year before. Time to start pinching extra pennies and clipping diaper coupons to afford that $235,000 kid.
A report by the United States Department of Agriculture sets out the bad news, factoring in food, shelter and other necessities to raise a child, and does not account for inflation, reports CNNMoney. The 3.5% surge in expenses is likely due to increases in the costs of transportation, child care, education and food for middle-income families.
While the bulk of expense will be due to the cost of housing, at $70,500, the cost of sheltering your kid, health care and clothing costs increased at a more gradual pace than other categories.
The government defines middle-income families as those with $59,000 to $103,000 in annual income before taxes.
Lower income families get a bit of a reprieve, as they’re expected to spend about $169,000 over the same time period, whereas higher income families will shell out about $390,000.
The first year the USDA issued a report on the cost of raising a child was in 1960, when a kid was estimated to cost a family $25,000 (around $192,000 now) to care for a youngin’ until 17.