Posted on 03/25/2008 6:27:48 PM PDT by NormsRevenge
WASHINGTON (Reuters Life!) - Middle-income families can expect to spend $204,060 on feeding, housing and schooling a child born in 2007 until his or her 18th birthday, the U.S. government reported on Monday.
Child care and education costs will represent a larger share of costs for raising the '07 baby through adulthood than they have in the past, the Agriculture Department said in an annual study on child-rearing costs.
"The cost of providing food decreased from 24 percent to 17 percent of total child-rearing costs, while child care and education expenses increased from 2 percent to 12 percent," the department said.
Housing will be the single largest cost for U.S. families -- making up 33 to 27 percent of total expenses across income groups, USDA said.
Factoring in inflation, the grand total for middle-income families comes to $269,040, USDA said. Total costs also include transportation, health care, and other necessities.
Child-rearing costs have soared since USDA began conducting its annual study in 1960, and can vary dramatically according to a family's income.
Families making less than $45,800 before taxes can expect to spend less, $148,320 in real terms over the course of their child's first 17 years. Those on the other end of the income spectrum, making more than $77,100 a year, will spend $298,680 in 2007 dollars on raising their '07 child.
Even though the study does not include the cost of college, USDA found that children get more expensive as they get older. Teenagers were the most costly.
The department also noted that child-rearing costs are the greatest in the urban West, and lowest in the urban Midwest and rural areas across the country.
...child-rearing costs are the greatest in the urban West, and lowest in the urban Midwest and rural areas across the country
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‘diaper? don’t need no stinkin’ diaper’ in some rural areas, I reckun. ;-)
Hmm - a good reason to be homophobic - they are going to retire on the back of the kids I spent all that money on!!
Well, duh...
And exactly why is the USDA studying this?
Is that all? Thank goodness. I thinking it was going to be more like $750K per child from birth 'til 18.
ping
Comes out to be $41 a day.
The figures quoted are for the basics package of food housing and education only,, your figure may be much closer to the actual gross cost in the long run. ;-)
Hey, that gravy train has been running since 1960!
What say we “study” how much the gubmint spends “studying” what we all already know!
Wow, we have 5 kids, the oldest being 10 years old. We make pretty good money, but after reading this I feel like looking for a higher paying job. lol
In Fair Gotham, add a zero.
I figured a little over $31. Still seems high to me.
I’m calling bullsh*t.
“I figured a little over $31.”
Yeah, I calculated at $270,000 :-p
I agree though, it’s a little high!
Never mind. I used the 204,600 number. Not the 269,040 or 298,680 number. I didn’t use the 148,320 number. Still seems high.
Honey! Looks like the Alaskan cruise is going to have to wait a couple more years!
Why is the USDA studying this? Well, duh. To figure out how many quarts of milk I should store in my fridge!
But it sounds like in the worst case I’ll be paying the bulk of it in 2021 dollars rather than 2008 dollars.
That’s why I am all the receipts so that I can present him with the bill later...
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