Cost of Today’s Child grows to $245K

A federal report finds that an American child born last year will cost a family an average of more than $245,000 until he or she becomes an adult. The United States Agriculture Department’s report found that the costs of food, housing, childcare and education have risen 1.8% since 2012. Housing expenses made up 30% of the cost, followed by childcare, education and food. The report didn’t factor in expenses after a child turned 18, such as college tuition. The USDA’s report was first issued in 1960.