Cost of Raising Child in U.S. Climbs to $245,340, Smallest Rise Since 2009
The cost for a middle-income family to raise a child born last year to age 18 is $245,340, a 1.8 percent increase from the previous year and the smallest jump since the financial crisis, according to the government.
Housing was the largest expense at 30 percent, unchanged from 2012, the U.S. Department of Agriculture said today in an annual report that showed wealthier families spend more than twice as much on their children as poorer households. Child care was the second-biggest cost in more affluent homes, while lower-income households spent a greater proportion on food.
Costs have climbed as the need for day care has increased and a recovery in U.S. home prices adds expense. The advance was the smallest since 2009, with inflation in check as health-care costs rise more slowly, jobs are created and the Federal Reserve winds down record economic stimulus.
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