Final answer:
The statement regarding the cost of raising a child through age 18 as being between $35,000 and $45,000 is false as the actual cost is significantly higher, typically nearing $250,000 for a middle-income family excluding higher education costs.
Step-by-step explanation:
The statement that the cost of raising a child through age 18 typically totals to be between $35,000 and $45,000 is false. In reality, the cost of raising a child is significantly higher. Considering the provided figures regarding household income and spending on essentials such as rent, healthcare, clothing, transportation, and food, it's clear that expenditures on a child are much higher over an 18-year period.
For example, if a family spends around $6,000 on food per year for three family members, which is on the conservative side considering poverty line statistics, then this alone would exceed $35,000 over 18 years. When taking into account other expenses such as housing, healthcare, education, child care, and clothing, the total cost of raising a child far surpasses the lower figures mentioned.
Studies from the U.S. Department of Agriculture have historically estimated that the average cost of raising a child to the age of 18 for a middle-income family may be close to $250,000, not accounting for inflation or the cost of higher education.