The U.S. Department of Agriculture said that it will cost new parents nearly a quarter million dollars to raise a baby born in 2013 to adulthood, reported CNN.com

The Agriculture department drew the figures--higher by two percent from last year--from the cost of housing, food, transportation, clothing, health care, education, child care, and miscellaneous expenses, such as haircuts and cell phones.

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The report noted that the cost of a college degree, which has been on a steady climb, was not included. However, overall costs have been creeping slower because of low inflation.

CNN also pointed out that costs vary depending on the area a family lives in. Urbanites in the Northeast will need to shell out as much as $455,000 to raise their child, while low-income rural families only need $145,500.

The report said that with the wealth busting effects of recession reducing median income by 8% compared with the pre-downturn period, families looking to add more tots will be hard pressed, especially with the growing cost of child and health care.

CNN reported that rising transportation and food costs are also putting pressures on the finances of households. It said that gas prices have nearly doubled since 2004. Food prices, on the other hand, have risen by 13% since 2008, according to the USDA, and make up the third biggest child-rearing expense in the agency's estimate.

Time.com, however, pointed out that nearly four million babies are born annually in the country and parents are able to adjust to having another mouth to feed.

It noted parents looking to be completely financially ready before having a baby may miss out on having "that bundle of joy."

"Having a child is an exciting but scary step, and money can be a big part of that worry," financial planner Matt Becker, father of two and founder of the blog Mom and Dad Money told Time.com. "I wouldn't dive in without considering the financial consequences, but I also wouldn't let them scare you off."

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