Here's how much it will cost to raise a kid born in 2015 - Hawaii News Now - KGMB and KHNL

Here's how much it will cost to raise a kid born in 2015

(Image: Hawaii News Now/File) (Image: Hawaii News Now/File)
HONOLULU (HawaiiNewsNow) -

Parents: Brace yourselves.

A new national report puts the average cost of raising a child born in 2015 at a whopping $233,610.

The report, from the U.S. Department of Agriculture, estimates a middle-income family will spend between $12,350 and $13,900 a year on child-rearing expenses from birth to 17 years old.

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.

Families with lower incomes are expected to spend $174,690 per child, while higher-income families will spend $372,210 on average.

The federal estimates are often used by states to determine child support and foster care guidelines, and included a variety of costs, including housing, food, transportation, health care, child care or education and clothing.

The report doesn't include state-by-state statistics, but does not that costs were higher in the urban West (the region that includes Hawaii), Northeast and urban South.

"This report, which we have produced for 55 years, gives families a greater awareness of the expenses they are likely to face, and serves as a valuable tool for financial planning and educational programs, as well as courts and state governments," saud Kevin Concannon, under secretary for Food, Nutrition and Consumer Services.

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