COLORADO SPRINGS, Colo. (KXRM) — From diapers to doctorates, the cost of raising a child adds up.
A recent study by the government estimates that the cost of raising a child from birth through age 17 is around $233,000 – that’s about the same price as a Ferrari.
The Department of Agriculture says that’s the average for a middle-income couple with two children.
The survey also found that the average cost of raising a newborn through the first year of life was over $12,000.
Factors like loss of income and unpaid family leave also tie in.
However, a different survey by Bankrate shows most Americans guessed almost double that number.
The USDA’s numbers on a child’s cost of living data include items which aren’t necessarily crucial to survival, such as toys and after-school activities.
Experts say for expectant parents or those even considering starting a family, planning those first-year costs is essential.
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