As the price of food, healthcare, housing, and education rapidly increasing every year here in America, raising a child becomes even more cost prohibitive.
According to new estimates released by the U.S. Department of Agriculture, he average cost of raising a child born in 2013 in the United States to the age of 18 has now risen to $245,000, a 2% increase from previous estimates. This figure does not include the costs of college which have skyrocketed over the past 15 years.
As CNN Money reports, location greatly affects child-rearing costs as well,
High-income families who live in the urban Northeast, for example, are projected to spend nearly $455,000 to raise their child to the age of 18, while low-income rural families will spend much less, an estimated $145,500, according to the report.
A further breakdown reveals that housing, transportation, daycare and education make the biggest dent in that $245,000 figure.
(Image via CNN Money)
As the appearance of families change and child-rearing responsibilities are becoming more shared, it seems like there may be more government sponsored initiatives in the future to help the average American (whatever that might mean) raise a healthy, well-educated, well-adjusted child.