How much does it cost to raise a child these days?
Well we now have an answer according to a report released Wednesday the U.S. Department of Agriculture -- $241,080.
A middle-income family with a child borne in 2012 can expect to spend $241,080 for food, shelter and other necessities associated with child-rearing expenses over the next 17 years. That total represents a 2.6 percent increase from from 2011.
"As the economy continues to recover, families are naturally cost conscious. This report gives families with children a greater awareness of the expenses they are likely to face," said USDA Food, Nutrition and Consumer Services Under Secretary Kevin Concannon. "The report is also a valuable resource for courts and state governments in determining child support guidelines and foster care payments."
The report, issued annually, is based on data from the Federal government's Consumer Expenditure Survey, the most comprehensive source of information available on household expenditures. For the year 2012, annual child-rearing expenses per child for a middle-income, two-parent family ranged from $12,600 to $14,700, depending on the age of the child.
Find out more by watching this video from the USDA below.