Cost of raising a child skyrocketing

August 14, 2013 5:45:22 PM PDT
The cost of raising a child is skyrocketing. A new federal study finds, on average, parents with a baby born in 2012 will spend $217,000-$500,000 raising the child to age 18. That does not include the cost of college.

The cost of raising a child is up 23 percent since 1960, even adjusted for inflation.

Researchers blame the increase on families buying larger homes, health care costs and child care expenses as more mothers enter the workforce.