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Raising a child in 2013 costs $245,340

Raising a child in 2013 costs $245,340

Posted by Liliana Castaño on August 19, 2014

New parents beware: Your little angel is going to cost you a bundle.

A middle-income family with a child born in 2013 can expect to spend about $245,340 for food, shelter and other expenses up to age 18, an increase of 1.8% from 2012, the Agriculture Department said 

The report, issued annually by the USDA since 1960, found housing was the single-biggest expense, averaging about $73,600 or 30% of the total cost of raising a child, followed by child care/education at 18%.

The remainder went to food, transportation, health care, clothing and miscellaneous expenses during the same period.

"In today's economy, it's important to be prepared with as much information as possible when planning for the future," Kevin Concannon, USDA's food, nutrition and consumer services undersecretary, said in a statement.

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