Cost of raising a child can run up to $475,680

June 10th, 2010 by

WASHINGTON – Kevin Costner just had his seventh child. Oh well, he can afford it. According to a recently released Department of Agriculture report, it now costs as much as $475,680 for those in the highest income group to raise a child to age 18. The figure for middle income earners was $286,050.

That doesn’t count college. Financial aid expert Mark Kantrowitz of estimates that parents will need an additional $127,683 (in 2009 dollars) to send a child born today to a median-priced state university when he is 18. Add to that a few travel team tournaments, the post-college boomerang kids, and that whole keep-them-on-your-health-insurance-until-they-are-26 plan, and it gives new meaning to the expression “million-dollar baby.”

None of this, of course, is to suggest that people should not have children until they can afford them. If that were the case, nobody would ever have kids, except for Kevin Costner.

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