Today, USDA released the annual Expenditures on Children and Families report, also known as the Cost of Raising a Child, which projects a middle-income family will spend $245,340 to raise a child born in 2013.
Costs include items such as food, housing, childcare and education and other child-rearing expenses up to age 18. Costs associated with pregnancy or expenses occurred after age 18, such as higher education, are not included, according to USDA.