Child born in 2012 projected to cost $241,080 to raise

Posted 8/15/13 - St. Paul Pioneer Press

A middle-income family will spend $241,080 on average to raise a child born last year to the age of 18, a 2.6 percent increase from a year ago that outpaces the broader inflation rate, according to a government report.

Housing was the largest expense at 30 percent of spending, the U.S. Department of Agriculture said Wednesday in an annual report that also showed wealthier families spent triple the amount on entertainment and reading materials as poorer households. Child care was the second-biggest expense in more affluent homes, ahead of food, while health costs pinched all household budgets.

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