Cost to raise a child surpasses $300K nationwide, $233K in Michigan

Parents, you love your kids with all your heart, but they are expensive.

It now costs more than $300,000 to raise a child until they turn 18, according to a new report from Lending Tree. It is the first time that number has ever crossed the $300,000 mark.

In Michigan, the total 18-year cost to raise a child comes in at $233,000. That is about $70,000 less than the national figure. And Michigan families spend about 19% of their income on raising a child, putting us in a better position than most states in the country.

Financial advisor Brad Augustine with LPL Financial joined Local 4 Live to break down these numbers and talk about how families can save.

You can watch the full interview in the video at the beginning of this article.