Sunday, June 13, 2010

Cost of Living

The Harshbargers of Fremont County, Idaho, Putnam photo
USDA Report: Raising Child Born in 2009 Will Cost $222,360
Washington-A report released Wednesday by the Agriculture Department, Expenditures on Children by Families, finds that a middle-income family with a child born in 2009 can expect to spend about $222,360 ($286,050 if inflation is factored in) for food, shelter and other necessities to raise that child over the next 17 years.

This represents less than a 1 percent increase from 2008, the smallest increase this decade, which likely reflects the state of the economy. Expenses for child care, education and health care saw the largest percentage increases related to child rearing from 2008, whereas expenses on transportation actually declined. This decline in transportation expenses on a child mitigated the increases in the other expenses.

The report by USDA’s Center for Nutrition Policy and Promotion notes that family income affects child-rearing costs. A family earning less than $56,670 per year can expect to spend a total of $160,410 (in 2009 dollars) on a child from birth through high school. Parents with an income between $56,670 and $98,120 can expect to spend $222,360 and a family earning more than $98,120 can expect to spend $369,360. In 1960, a middle-income family could have expected to spend $25,230 ($182,860 in 2009 dollars) to raise a child through age 17.

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