Reporting Stephanie Stahl
WASHINGTON (CBS) – A new study revealed that a child that was born during 2011 will cost about $234,900 to raise.
The United States Department of Agriculture (USDA) released its annual report, Expenditures on Children by Families, on Thursday showing that expenses on children have increased 3.5 percent since 2010.
The report found that a middle-income family with a child that was born in 2011 will pay about $234,900 for food, shelter, and other necessities to raise their child until age 18. This amount rises to about $295,560 if projected inflation costs are factored into the calculation.
Courts and state governments use this report to assist with determining child support guidelines and foster care payments.
The Expenditures on Children by Families report is based off of data from the Consumer Expenditure Survey put out by the Federal Government.
The full report can be found here: www.cnpp.usda.gov.