The Jeff Ward Show
The cost of raising a child is now $245,000 - and that doesn't include college tuition
Middle-income Americans are spending about $245,000 raising a child until adulthood, with families living in the Northeast taking on a greater burden, a new study has found.
Those costs — food, housing, childcare and education — rose 1.8 percent over the previous year, according to the latest Agriculture Department's Expenditures on Children and Families report.
As in the past, families in the urban Northeast will spend more than families in the urban South and rural parts of the US, 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.