News

Report: Cost to raise today’s child tops $245,000

Report: Cost to raise today’s child tops $245,000

PAYING FOR BABY: The USDA's report was first issued in 1960, when a middle-income family spent about $25,230 per child. That's about $198,000 in 2013 dollars. Photo: clipart.com

WASHINGTON (AP) — A federal report finds that an American child born last year will cost a middle-income family an average of more than $245,000 until he or she becomes an adult.

The Agriculture Department’s report found that families in the urban Northeast tend to pay more on average than the rest of the nation. The costs of food, housing, childcare and education have risen 1.8 percent since 2012.

The USDA’s report was first issued in 1960, when a middle-income family spent about $25,230 per child. That’s about $198,000 in 2013 dollars.

Housing expenses made up 30 percent of the cost, followed by childcare, education and food. The report didn’t factor in expenses after a child turned 18, such as college tuition.

Local Headlines

in Local

Algona Lottery Winner

Shipler

An Algona woman wins big in the Iowa Lottery...

in Local

Iowa Gambling

dollar sign

A recently released study says Iowa is gambling more...

in Local

Algona Chain Reaction Crash

Car Accident 1280

Seven people are injured in a chain reaction accident...

in Local

Sheldon Burglaries

breakin1240

Two Sheldon businesses are burglarized over the weekend...

in Local

Sexual Conduct Arrest

News Arrest1240 1

A Jeffers man is arrested after incidents with a minor...