Parents will spend $241,080 to raise a child born in 2012, according to a report by the U.S. Department of Agriculture.
Adjusting for inflation over 17 years, that figure, for a middle income two-parent, two-child family, comes to $301,970.
The 2.6 percent increase over 2011 is lower than the 4.4 percent average annual increase, according to the report, Expenditures on Children by Families.
Still, said economist Mark Lino, author of the report, “It does go up every year, and it is expensive.”
The annual child-rearing costs for a middle-income family range from $12,600 to $14,700, depending on the age of the child.