Washington, Aug 15 (IANS) A US middle-income family with a child born in 2012 can expect to spend about $241,080 on average over the next 17 years, an increase of 2.6 percent from a year ago, a study said Wednesday.
The study conducted by US department of agriculture’s Centre for Nutrition Policy and Promotion said the total cost, which covers food, shelter and other necessities to raise a child by middle-income families, edges up to $301,970 when adjusted for inflation, Xinhua reported.
Housing costs are the single largest expenditure on raising a child, averaging $71,820 or 30 percent of the total cost over 17 years, the study said.
Child care and education costs from birth through high school are the second-largest expense, accounting for 18 percent of the total cost.
The study, based on data from the federal government’s consumer expenditure survey, noted that family income affects child-rearing costs. For families earning less than $60,640 per year, the cost of raising a child averages at $173,490.
However, for families earning more than $105,000, they can expect to spend $399,780.
For 2012, annual child-rearing expenses per child for a middle-income, two-parent family ranged from $12,600-14,700
The US department of agriculture has been estimating the cost of raising a child since 1960. At that point, it cost an average of $25,230 (roughly $195,690 adjusted for inflation) to raise a child to age 17.