The United States Department of Agriculture recently published its yearly document on the value of having a child, and the organization found that kids are getting more expensive. The cost of nurturing to age 18 has gone up by $40,000 since 1960, when adjusted for the cost of living. USDA announces cost of raising a child is going up. Of course, the average expenditure varied widely based on a number of factors, including income level of parents, location, single parent or two-parent household and number of children in the family.
--- Update to the previous post...
Annual spending on child-rearing varies, according to the USDA report, depending on multiple factors. Income level is a significant factor. Families with a gross income of $57,000 or less can expect to spend $8,460 to $9,630 per year. Families making between $57,000 and $99,000 will spend $11,800 to $13,830. Families making $99,000 or more are projected to spend $19,770 to $23,690 per year each child. These numbers are all based on 2010 spending patterns.