We all know raising a child isn't cheap, but just how much it will cost to get your child to adulthood may shock you. According to the USDA’s annual report, for a child born in 2013, an American family can expect to spend an average of $245,340 until the child becomes an adult.
The information, based on the government’s Consumer Expenditure Survey, found that the cost of food, housing, childcare and education rose 1.8 percent over the previous year, and adjusting for inflation, the cost could go up to as much as $304,480 for a middle-income family.
Just how much of an increase is that? Well when the reports were first issued back in 1969, the cost of a middle-income family raising a child was about $25,230, and in 2013 dollars that’s about $189,560.
As for the actual expenses, housing costs is the worst offender, making up 30 percent of the total cost of raising a child, followed by childcare and education at 18 percent and food at 16 percent.
That got me thinking, "What expenses do we have now that our parents didn't?" Cell Phone bills. Internet. Putting a child through driver's ed. Pay-to-play sports. Sheesh. No wonder we're all struggling.