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Report: Cost to raise a child in the US is $245,000

The cost of raising a child exceeds the rate of inflation, and a new US  government report states that it would could close to a quarter of a million dollars to raise a child. 
This cost does not include college costs. It cost $245,000 to raise a child born in 2013 thru high school graduation, according to newly released estimates from the U.S. Department of Agriculture
This is a 2 percent increase from the year before, up from $4,260 the year before.
This estimate varies depending on where you live because families in high-income and high cost of living areas in the Northeast of the United States could spend close to $455,000 to raise a child where rural families in a low-income area, for example, would spend $145,500. 
The numbers include the cost of housing, food, transportation, clothing, health care, education, child care and miscellaneous expenses, like haircuts and cell phones. 
And the startling part is these estimates do not even include the cost of college! gasp!
What do you think of these astronomical costs? Sounds legit?!

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