Monday, August 17, 2009
Children to Cost 1/4 Million $
Recent USDA report indicates that Children Born in 2008 Will Cost Nearly One Quarter Million to Raise - Food Costs are Primary Expense
A new USDA report titled "Expenditures on Children by Families" estimates that it will cost $221,190 (inflation adjusted total - $291,570) in food, shelter and other necessities for a middle-income family to raise a child born in 2008 to the age of seventeen.
Food and child care payments are the largest expenses after housing costs (the largest expense), with food averaging 16 percent of the total expenditure.
Family income affects the costs of raising a child. A family earning:less than $56,870 can expect to pay $159,870 (2008 dollars) in raising a child;between $56,870 and $98,470 can expect to spend $221,190;more than $98,470 can expect to spend $366,660.
Source: USDA, August 2, 2009
More info: http://www.usda.gov/wps/portal/!ut/p/_s.7_0_A/7_0_1OB?contentidonly=true&contentid=2009/08/0365.xml