The Cost of Raising a Child and 2017 Farm Economy Outlook
If you’ve been blessed with starting a family in recent years, a fair warning that it’s going to cost you.
That's apparent from USDA's latest “Cost of Raising a Child” report, which estimates that for a child born in 2015, a middle-income married couple will spend $233,610 (in 2015 dollars) on child-rearing expenses until the child turns 18.
That breaks down to about $13,000 a year.
If your income is lower, expected to spend almost $175,000 while families with higher incomes could spend over $372,000.
Farm Bureau economists see some glimmers of hope in the ag economy in 2017.
Although some grain traders view global grain supplies as burdensome, American Farm Bureau chief economist Bob Young says it wouldn’t take much of a supply disruption to impact markets.
Young says it won’t take much for prices to move, and move noticeably, citing corn prices that spiked about $4.50 a bushel last fall.