WASHINGTON — A message for new parents: Get ready for sticker shock.
A child born in 2013 will cost a middle-income American family an average of $245,340 until he or she reaches age 18. And it’s more in the Northeast, roughly $282,480, according to a report out Monday.
The cost does not include college, or expenses if a child lives at home after age 17.
Those costs that are included — food, housing, child care, and education — rose 1.8 percent over the previous year, the Agriculture Department report said. Adjusting for projected inflation, a child born last year could cost a middle-income family an average of $304,480, the report added.
In 1960, the first year the report was issued, a middle-income family could spend about $25,230, equivalent to $198,560 in 2013 dollars, to raise a child. Housing costs are the greatest child-rearing expense, as they were in the 1960s, but current-day costs like child care were negligible back then. Housing expenses made up roughly 30 percent of the total cost of raising a child.