Parents underestimate costs of raising a baby

Parents underestimate costs of raising a baby

. - LOUISVILLE, KY (WAVE) – Is it possible to put a price tag on parenthood?

Most moms and dads would say no, but a new study says otherwise, delivering expensive news to parents.

Nerd Wallet predicts the cost of caring for a baby during the first year of its life ranges from $21,000 to $52,000 a year, depending on household income.

The website surveyed 1,300 parents and 213 adults who plan to have a baby in three years, and found half of those surveyed thought it would cost less, way less, to raise a child for 12 months.

Nearly half thought it would cost less than $5,000, while 18% thought it would cost less than $1,000.

If your family brings in about $40,000 a year, they can expect the total cost of raising a baby to be about $21,000. For a family making $200,000 a year, that number rises to $52,000.

Those amounts include everything from food, insurance, child care, transportation, as well as items like diapers and toys.

The study also found that raising a child until 17 years of age, with basic needs, easily tops 260-thousand dollars. Throw in extra "fun" stuff and some perks, and you're looking at 745-thousand dollars.

Click here to calculate your baby budget according to Nerd Wallet.

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