Average cost of raising a child hits $245,000

That bundle of joy is gonna cost you a bundle.
 
This isn't news to most new parents, but the latest tally of what it costs, on average, to raise a child born in the past year to the age of 18 is still pretty eye-popping: Almost a quarter of a million dollars. Sans college.
 
CNNMoney reports the U.S. Department of Agriculture's latest estimates on the expenses of child-rearing are actually up 2 percent over 2012. The estimated costs include housing, food, transportation, clothing, health care, primary education, child care and various and sundry other costs like cellphones and hair cuts, according to the article. And that's all before your kid hits college.
 
If you're a high-earner living in the Northeast, the USDA report states your parenting costs could be closer to $455,000; if you are less financially secure and living in a rural area, you're still looking at over $145,500 to get Junior from birth to high school diploma.

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