For all new parents, sleepless nights and smelly diapers are two certainties they can expect. For parents of kids born in 2015, they can also add $233,610 to their list of expectations.
That's right. According to a new study by the Department of Agriculture, the estimated cost of raising a child from birth to high school graduation is as much as $14,000 annually.
That's a 3 percent jump from 2014, meaning if you're expecting a baby now, you better save up because a baby born this year will likely cost even more to raise.
What are parents spending on?
- Health care
And for future perspective, the average 2016 college graduate has $37,172 in student loan debt.
In case you're curious, that amount doesn't buy you, however, an apartment in Manhattan, where the average price for a famously-shoe-box-sized home of your own is now $2 million.
Baby gear may be pricey, but teens cost over $1,000 more on average to raise than toddlers. It cost $2,790 on average to feed an 15-17-year-old in 2015, 22% more than the cost to feed a children ages of 6 to 8.
However, depending on what part of the country you live in, and whether you live in an urban or rural setting, the cost varies.
For example, middle-income families in the urban Northeast spent $253,770, while those in the urban Midwest spent $217,020. Families living in rural areas across the country spent the least ($193,020).
Cheaper by the dozen
Good news for big families: Those with three or more kids spend an average 24 percent less per child.
That said, families with just one child spent 27 percent more on average.
The Associated Press contributed to this report.
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