Washington • A message for new parents: get ready for sticker shock.
A child born in 2013 will cost a middle-income American family an average of $245,340 until he or she reaches age 18, with families living in the Northeast taking on a greater burden, according to a report out Monday. And that doesn't include college or expenses if a child lives at home after age 17.
Those costs that are included food, housing, childcare and education rose 1.8 percent over the previous year, the Agriculture Department's new "Expenditures on Children and Families" report said. As in the past, families in the urban Northeast will spend roughly $282,480 more than families in the urban South and rural parts of the U.S.