It Now Costs $233,610 to Raise a Child

Cost of Raising a Child 2016
Image Credit: Tomsickova Tatyana/Shutterstock.com

The United States Department of Agriculture (USDA) reports that it takes $233,610 to raise a child in America.

The USDA released their ‘Expenditures on Children by Families’ annual report on Monday. Their yearly report analyzed the estimated cost to raise a child from birth until they are 17 years old. Within the $233,610 estimate the USDA calculated how much it costs for a middle-income family to buy food, housing, transportation, health care, clothing and education amongst other things for their child.

In a press release, Kevin Concannon, Under Secretary for Food, Nutrition and Consumer, explained that the annual report gives American families an inside look at how much it costs to raise a child. In addition, the report, which has been around for over five decades, the Concannon explains the annual report also shows the type of expenses families are expected to face as they raise their child.

Louisa Quittman, Director of the Office of Financial Security for the U.S. Department of the Treasury explained, “Understanding the costs of raising children and planning for anticipated and unexpected life events is an important part of securing financial health.”

USDA
Stock Photo: WASHINGTON, DC, USA – APRIL 16, 2012: Building of the United States Department of Agriculture. (Joe Ravi / Shutterstock.com)

Some of the results of the study found that it was more expensive to raise a child in the Northeast and urban South than the Midwest and rural areas. In fact, USDA researchers explain expenses for raising a child in rural areas were 24% lower than urban cities such as New York.

Moreover, the USDA’s Center for Nutrition Policy and Promotion (CNPP) estimates that for a baby born in 2015 to a middle-income married couple will spend between $12,350 and $13,900. Meanwhile, families with lower incomes are expected to spend approximately $60,000 less than middle income families over 17 years.

This news comes after the USDA announced a brand new  partnership that will allow for companies such as Amazon to accept food stamps for SNAP beneficiaries. Last Thursday, the USDA explained that in the next few months several companies including Amazon, FreshDirect, Safeway, ShopRite, Hy-Vee, Inc, Hart’s Local Grocers and Dash’s Market will soon be able to accept food stamps as a form of payment in order to combat hunger in America.

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Reginald Edward
Reginald has over 20 years of experience in business and technology. Reginald has an undergraduate degree in economics and completed post graduate work in business. He has extensive experience in a variety of fields, including: finance, media relations, marketing, strategic planning, public policy, and administration.