11/22/2013 - Raising children comes with $241,000 price tag
Starting a family in today's America doesn't come cheaply, and a recent report is giving prospective parents an idea of just how much they can expect to spend over the first 18 years of their son or daughter's lifetime.
Performed by the U.S. Department of Agriculture and reported by CNN Money, the study showed that the cost of raising a child for parents who earn a middle-income is estimated to be about $241,100, not including tuition for college. That's up approximately 3% from 2011, the last time a similar analysis was performed.
The study also pointed out that depending on the region of the country in which families live, they may spend more or less than this average. For instance, in the Northeast, a household situated in the city that earns just over $100,000 per year could spend about $446,100 for their child through the age of 18. But for a family that makes $61,600 and lives in rural confines, the total would be about $143,100.
Child-rearing can be an expensive proposition. That's why Selective has a variety of auto insurance and homeowners' plans available that have special discounts that can help parents save. For instance, if a policyholder's son or daughter does well in school or takes a driver's training course, premiums may be trimmed.