Cost of Raising a Child on the Rise, Especially in D.C.
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LANHAM, Md. (WNEW) — A new study from the U.S. Department of Agriculture has some wondering — do storks accept credit cards?
The report says average spending on a child through age 17 in a middle-income family has risen considerably since 1960, even when taking inflation into account.
In 1960, the amount was $25,229, or $198,560 in today’s dollars. In five-and-a-half decades, that has increased by 24 percent to $245,340.
The report also analyzes the most hefty expenditures in 1960 compared with today. Housing is still the number one cost, but child care has jumped from two percent to 18 percent.
A NerdWallet.com report piggybacked on the new information from the Department of Agriculture, and highlighted the places in America where it is most expensive to raise children. Predictably, D.C. is in the top 10.
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New York is the most expensive area, clocking in at $540,514. Washington, D.C. is 7th on the list, with a price tag per child of $342,552.
Meanwhile, midwestern states and Texas dominate the list of the least expensive child-rearing cities.