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Parents, save up: Cost of raising a child is more than $233K

6 years 4 weeks 2 days ago Monday, January 09 2017 Jan 9, 2017 January 09, 2017 10:45 AM January 09, 2017 in News
Source: Associated Press

WASHINGTON - Expecting a baby? Congratulations! Better put plenty of money in your savings account.

The Department of Agriculture says the estimated cost of raising a child from birth through age 17 is $233,610, or as much as almost $14,000 annually. That's the average for a middle-income couple with two children. It's a bit more expensive in urban parts of the country, and less so in rural areas.

The estimate is based on 2015 numbers, so a baby born this year is likely to cost even more.

Since 1960, USDA has compiled the annual report to inform budget-preparing parents. State governments and courts also use the information to write child support and foster care guidelines. The main costs include housing, food, transportation, health care, education, clothing and other miscellaneous expenses.

To see the cost of raising a child by region click here

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