Food, clothing, and health care are just a few items that can add up into tons of expenses before adulthood. How much? $234,900 for a child born in 2011 to a middle-income family.
That’s according to the U.S. Department of Agriculture’s annual report, “Expenditures on Children by Families,” released Thursday, which came up with the total by calculating the cost of a host of necessities parents pay for in the 17 years before adulthood.
If you think parents today are spending more than their parents did, you’re right. In 1960, the first year the report was produced, a middle-income family would have expected to spend about $25,000 over the course of 17 years, or $191,720 adjusted for today’s dollars.