According to the 2011 Expenditures on Children by Families annual report released by the USDA today, raising a baby born in 2011 will cost a middle-class family about $234,900 in today's currency.
According to the report,
This represents a 3.5 percent increase from 2010. Expenses for transportation, child care, education, and food saw the largest percentage increases related to child rearing from 2010. There were smaller increases in housing, clothing, health care, and miscellaneous expenses on a child during the same period.
The report states that most of this money will fund the child’s housing, child care, education and food expenses through age 17, representing roughly 64 percent of all costs. As the study only follows children from birth through high school, costs associated with pregnancy and post-high school education are omitted from these numbers.