Raising a child costs upwards of $500K - New York News

Raising a child costs upwards of $500K

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CHICAGO (FOX 32 News) -

Not much compares to the joy of a newborn baby, but not much compares to how much that kid will cost, either.

The U.S. Department of Agriculture says a child born in 2012 will cost his or her parents anywhere from $217,000 to $500,000 by the time they're 18.

That number's gone up almost 25 percent since the first study, 50 years ago.

Some of the big reasons for the increase are more expensive housing, higher insurance costs, and an increased need for childcare.

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