Expecting a baby? Congratulations! Better put plenty of money in your savings account.
The Department of Agriculture says the estimated cost of raising a child from birth through age 17 is $233,610, or as much as almost $14,000 annually. That’s the average for a middle-income couple with two children. It’s a bit more expensive in urban parts of the country, and less so in rural areas.
The estimate released Monday is based on 2015 numbers, so a baby born this year is likely to cost even more. It’s a 3 percent increase from the prior year, a hike higher than inflation.