A family with an average income of $113,700 per year in 2007, living in Chicago, or in any Midwest city, with two children, 7 and 10 years old, would have spent on average $15,200 on the oldest child, and $14,950 on the youngest. These figures include the cost of housing, food, transportation, clothing, health care, child care and education, and miscellaneous. Food alone for both children would total $4,670.
These figures now can be easily computed on the new Cost of Raising a Child Calculator launched today by the U.S. Department of Agriculture, Center for Nutrition Policy and Promotion (CNPP). According to Dr. Brian Wansink, CNPP Executive Director, "As well as being a real eye opener for families in terms of how much they may be spending on their children, the Cost of Raising a Child Calculator can help families make better plans by anticipating future costs."
The Cost of Raising a Child Calculator is an interactive version of USDA's Annual Report on Expenditures on Children by Families, but makes the figures more easily accessible by the public. The new Calculator can be found at www.cnpp.usda.gov.
Source: U.S. Department of Agriculture
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