Average Cost to Raise a Child to Age 18: $241K
Photo: MGN Online
Back-to-school shopping is just one thing parents have to spend money on for their kids.
Parents with a baby born in 2012 will spend an average of $241,000 to raise the child to age 18, according to the US Department of Agriculture.
The majority of that money pays for housing at 30 percent. About 18 percent goes toward child care and education, 16 percent goes to food, and 14 percent goes toward transportation.
The rest of the money pays for health care, clothing and other miscellaneous items.
The most expensive areas are in the urban Mideast, where parents spend about $277,000. In the urban Midwest, which includes Minnesota, the average family will spend about $236,000.