Most new parents will tell you that raising a child is expensive, but rarely do you hear an actual dollar amount. The federal government, however, recently released its annual report laying out the specific costs of rearing a child.
The report is prepared by the U.S. Department of Agriculture, and used by states in calculating financial guidelines for child support and foster care. The report found that parents who welcomed a little bundle of joy into their families in 2011 can expect to spend almost $300,000 in the next 17 years.
Did you catch that the cost calculation stops after 17 years? That means the $300,000 doesn't even include the cost of college. That amount was also based on middle-income families earning $59,410-$102,870 before taxes. For higher earners the cost of a child was $490,830, and it was $212,370 for the lowest income households.
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