New parents in the United States will have to have to tighten their budgets, according to data released Monday, which shows the cost of raising a child is inching toward a quarter-million dollars.
Research by the U.S. Department of Agriculture shows middle-income parents will spend slightly more that $245,000 on a baby born in 2013 until the child turns 18, the age of legal adulthood in the U.S.
The largest expense for new parents is housing, which accounts for almost one-third of the projected cost. Child care, education, and food also top the list.
The 2013 figure marks an increase of nearly 2 percent over the previous year.
Adjusted for inflation, a child born in 1960 cost the average middle-income U.S. family roughly $199,000.