(WASHINGTON) — The cost of raising a kid is now more than $245,000, a new report out Monday finds.
From the time a child is born until he or she turns 18, the U.S. Department of Agriculture says that little bundle of joy, born in 2013, will cost parents $245,340 to raise. That amounts to roughly $13,600 a year.
The annual government report finds that raising a child in the urban Northeast costs more than the national average — $282,480 — while families in the South and rural regions of the U.S. can expect to pay less — $230,610 and $193,590, respectively.
All these figures will increase with inflation. Compared to the USDA’s “Expenditures on Children and Families” report in 2012, the national average is up 1.8 percent.
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