Cost of raising a child: $245,340
Thinking about having your first baby?
A new analysis by the Department of Agriculture finds, it will cost you just under a quarter million dollars to raise a child to the age of 18; and that doesn’t include the cost of college.
The best private schools can add another quarter million to the tab.
The average cost of raising a child rose 1.8% in the past year, to $245,340.
Additional children typically cost less than the first if they can wear hand-me-downs, and they don’t require additional living space.