Connect with us

Finance

Raising a Child is Becoming More Costly – the Issue is Especially Severe in These 5 States

Published

on

Raising a child in the United States is becoming increasingly expensive due to high inflation, which has caused the cost of everything, including child care, to rise. According to data from LendingTree, the cost of raising a child surged nearly 20% between 2016 and 2021. In 2021, the annual expenses for raising a child averaged $21,681, an increase from $18,167 in 2016. This means that the typical family spends approximately $237,482 over 18 years to raise a child, excluding college expenses. However, new research from SmartAsset suggests that the situation is even worse in some states.

Massachusetts is the most expensive state to raise a child, with an estimated annual cost of $35,841, nearly double the national average. More than half of this cost is attributed to child care expenses, which are the highest among all states at $21,503. Housing costs around $5,000, while food expenses amount to $2,190. In contrast, raising a child in Massachusetts costs about $439,000 more than in Mississippi, the least expensive state.

Hawaii is the second most expensive state for raising a child, with an annual cost of $35,049. Child care expenses make up a significant portion of this total at around $19,500. Housing expenses in Hawaii specifically contribute to the high cost, with an additional $6,188 per year for a two-parent household.

Connecticut ranks as the third most expensive state to raise a child, with an annual cost of $32,803. Child care expenses total around $19,554 annually, along with $4,139 for housing and $2,100 for groceries. Colorado follows as the fourth most expensive state, with the cost of raising a child amounting to $30,425 per year. Child care in Colorado is estimated to cost around $20,425, while food expenses amount to $2,000 and housing costs approximately $4,100.

New York rounds out the top five most expensive states for raising a child, with an annual cost of $29,468. Child care expenses in New York are approximately $17,821 per year, with housing costs adding $3,543 and groceries contributing $2,100 to the total. On the other end of the spectrum, it is notably cheaper to raise children in certain Southern states such as Mississippi, Arkansas, Louisiana, Kentucky, and Alabama, with Mississippi being the least expensive state at a total cost of $16,151.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement

Trending