Each average child costs a bit over $400,000 to raise.

1. For a middle income family, raising and putting an average child through college costs a bit over $400,000. The first year is the most expensive at $11,000 (College years not included). Kids are cheapest at 12, costing $7,700.
http://www.babycenter.com/cost-of-raising-child-calculator
http://money.ca.msn.com/retirement/gordonpowers/article.aspx?cp-documentid=21951242