The average cost to raise a kid is $241,080 in the United States, a Study released Wednesday said.
After inflation, that amount translates to about $301,970, said a study from the U.S. Department of Agriculture.
The estimated cost is for a middle-income family before a child turns 18 and doesn’t include college costs. The cost is up 3 percent from 2011, according to CNN Money.
The report estimates that the costs have raised 23 percent since 1960 after prices are adjusted for inflation. The reasons for the spike is due to the increased cost of housing, health care, and child care. Child care has increased in part due to both heads of household having to work, with parents spending more on day-care.
The report comes as the median household income has fallen by more than $4,000 since 2000 after adjusting for inflation rates.
“Although children can be a great joy, they are costly and consume a large part of the family budget,” wrote USDA study’s author, Mark Lino, according to USA Today.
The study noted that the amount spent on a child varies greatly depending on income. A household that made $105,000 in 2012 will spend some $501,250 to raise a child to 18. Parents earning less than $60,640 will spend an average of $216,910 to raise a child to the same age.
“Many families are priced out of licensed child care services,” Lynette Fraga, executive director Child Care Aware of America, told CNN. “If they are priced out, then the health and safety of those children are at risk.”
The study also found that it costs more to raise a child in the northeastern portion of the U.S. than in the South.
“Parents are covering a larger proportion of children’s health care costs with higher co-payments and premiums than in 1960. In addition, as more mothers entered the labor force since 1960, child care became a major new expense many families did not face in 1960,” Lino added.
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