Cost of raising a child adds up

Neal Augenstein, wtop.com

WASHINGTON – You can’t put a price on parent’s love for a child, but you can put a price on what it costs to raise that kid.

A middle-income family can expect to pay $234,000 to raise a kid born last year to the age of 18, according to the U.S. Department of Agriculture.

And that doesn’t include college.

With the area’s relatively high cost of living, you’ll likely pay much more.

Parents making $103,000 could pay up to $389,670 according to the U.S. Department of Agriculture study, which is compiled to help courts and government agencies calculate child-support costs.

The biggest chunk of the money goes to housing, which accounts for about 30 percent of the cost of raising a child.

Child care and education eat up 18 percent of what a parent spends. Food accounts for 16 percent.

The yearly figure of $234,900 is a 3.5 percent increase over last year.

If you want to find out your costs, plug your information into this U.S. Department of Agriculture calculator.

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(Copyright 2012 by WTOP. All Rights Reserved.)


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