Housing most expensive cost for raising a child

September 21, 2011 6:27:13 PM PDT
Just when millions of Americans can least afford it, the cost of raising a child is skyrocketing.

It'll cost you almost a quarter of a million dollars and that doesn't include college. The U.S. Department of Agriculture says parents will pay nearly $227,000 to support a child up to age 18.

That's $62,000 more than it was 10 years ago, an increase of 37 percent.

Costs for food, gas and daycare went up, just as millions of Americans were losing their jobs, and median income fell 7 percent.

So where does the money go? Most of it is for housing with 31 percent, 17 percent goes to child care and school, 16 percent for food, another 14 percent is for transportation, and 8 percent for healthcare.

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