PHILADELPHIA (CBS) – Parents say raising a child enriches your life…and empties your bank account.
According to a new report from the U.S. Department of Agriculture, a middle-income family with a child born in 2013 should expect to spend more than $245,340 by the time that child reaches 18-years-old.
That expense rises to $304,480 when you consider a projected inflation rate of 2.4 percent a year.
To make matters worse, those numbers do not include the costs of higher education or costs associated with pregnancy.
“In today’s economy, it’s important to be prepared with as much information as possible when planning for the future,” said USDA Food, Nutrition and Consumer Services Under Secretary Kevin Concannon.
Parents’ geographical location also plays a role in the projected expenses. It reportedly costs less to raise a child in urban areas of the south ($230,610) and in some rural parts of the U.S. ($193,590.)
Unsurprisingly, the northeast ranks as the most expensive part of the country to raise a kid with an estimated $282,480.
One parent comments, “So, that’s why we are always broke. Raising nine kids would do it.” Another counters, “a real parent wouldn’t complain about the money.”
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