USDA: Cost of Raising a Child Increased by $8,000
In the space of a single year, the United States Department of Agriculture estimates that it will cost $8,000 more to raise a child for 17 years. As CNN Money reports, there are a number of factors that contribute to the $235,000 that middle-income families can expect to spend on children born in 2011, an $8,000 or 3.5 percent increase from the previous year’s USDA report:
So why do babies born in 2011 cost so much more?
In that one year alone, expenses for transportation, child care, education and food surged for middle-income families. Health care, clothing and housing costs also increased, but at a more gradual pace.
In the study, the government defined middle-income families as those with $59,000 to $103,000 in annual income before taxes.
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