Cost of raising a child: $245,340

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2 Chicago area babies born roadside within 24 hours

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.

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