Here’s one thing all parents know: raising kids ain’t cheap.
But now we know exactly how expensive it is. A new report from the U.S. Department of Agriculture (USDA) estimates that it will cost a middle-income married couple $233,610 to raise a new baby to the age of 17.
Lower-income families are expected to spend $174,690 while those with higher incomes are expected to spend $372,210.
So where will all of this money go? According to the report, 29% will be spent on housing your little rugrat.
18% on food…
16% on childcare/education…
15% on transportation…
9% on health care…
And 6% on clothing.
The one positive here is that parents can expect to spend 27% less on a second child, and 24% less on each child after that.
Let me just say this — kids are lucky they’re so darn cute.
