Wednesday, August 12, 2009

Middle-income family spends $221,000 to raise baby

It's no secret that raising children can be expensive, but how about nearly a quarter of a million dollars expensive? A government report released Tuesday says a middle-income family with a child born last year will spend about $221,000 raising that child through age 17.

The report by the USDA's Center for Nutrition Policy and Promotion identified housing as the largest single expense, followed by food and child care/education costs. The $221,000 in expenses rises to about $292,000 when adjusted for inflation.

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