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Thinking of having a child? Better have some serious cash.
The Department of Agriculture released their annual “Expenditures on Children by Families” on Thursday, detailing the cost of raising a child through age 17.
A middle income family in 2011 can expect to shell out $234,900 in order to house, feed, cloth, transport and cover other humanly needs for their new bundle of joy.
“For the year 2011, annual child-rearing expenses per child for a middle-income, two-parent family ranged from $12,290 to $14,320, depending on the age of the child,” says the report.
Expenses are highest for families living in the urban Northeast, followed by families urban Western states. Families living in the South have the lowest child-rearing costs.
Both President Obama and Gov. Romney delivered speeches on their economic plans in Ohio today. Middle class jobs, taxes and higher education were all mentioned, all topics undoubtedly important to new or expectant parents looking at a $234,900+ decade and a half in front of them.