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US Cost of Raising Children Nears $250K

FILE - A boy plays during an event for children in Dallas.

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.