Family is priceless.
But a new government report has put a dollar figure on how much it costs to raise a child in today's world.
Raising a child born in 2013 to adulthood will cost a middle-income American family an average of $245,340, according to a report out Monday. The costs are even a bit higher for families in the Northeast.
Families in the urban Northeast will spend more at about $282,480.
The costs: food, housing, childcare and education jumped up 1.8 percent since the previous year, the Agriculture Department's new "Expenditures on Children and Families" report said.
For comparison, in 1960, it cost a middle-income family about $25,230, equivalent to $198,560 in 2013 dollars, to raise a child until the age of 18.Via Associated Press