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Rising inflation has made almost everything more expensive in the United States, and the cost of raising children is no exception.
“The cost of everything is rising,” said Matt Schultz, chief credit analyst at LendingTree. “The costs of child care are huge: rent, payroll, insurance. When those costs skyrocket, the total cost of child care goes up.”
of Childcare costs According to Lending Tree, child support costs increased by nearly 20% from 2016 to 2021 (the most recent year for which complete data is available). The data shows that annual expenses, excluding tax credits and tax credits, reached $21,681 in 2021, compared to $18,167 in 2016. That means a typical family will spend about $237,482 to raise a child over an 18-year period. College Costs.
But new the study A report released by SmartAsset suggests the problem is even worse in some states.
Raising a child in the United States is becoming more expensive
Here’s a closer look at where it’s most expensive to raise a child.
A view of the Boston skyline. (Ron Dahlquist/Design Pix Editorial/Universal Images Group via Getty Images) / Getty Images)
1. Massachusetts
It’s estimated that it costs $35,841 a year to raise a child in Massachusetts, the most expensive state in the country and nearly double the national average. More than half of that cost is child support, which at $21,503 is the highest in the nation. Other costs include housing, about $5,000, and food, $2,190.
In fact, it costs about $439,000 more to raise a child to age 18 in Massachusetts than in Mississippi, the state with the lowest child-rearing costs.
2. Hawaii
The annual cost of raising a child in Hawaii is $35,049, which includes about $19,500 in child care costs. According to the study, one of the biggest expenses in the state is housing costs. Each additional child in a two-family household costs an additional $6,188 per year. By comparison, in Massachusetts, it’s an additional cost of about $4,983.
The entire coastline of Honolulu, Hawaii. (iStock/iStock)
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3. Connecticut
Connecticut has the third-highest cost of raising a child in the state at $32,803. This includes child care costs of about $19,554 per year, as well as $4,139 for housing and $2,100 for groceries.
4. Colorado
The cost of raising a child in Colorado is about $30,425 per year, making it the fourth most expensive in the country. Child care in Colorado costs about $30,425, with food costing about $2,000 and housing costing about $4,100.
5. New York
The sun sets over the skyline of Midtown Manhattan, the Empire State Building and Hudson Yards in New York City on December 17, 2022, as seen from Jersey City, New Jersey. (Gary Hirschhorn/Getty Images/Getty Images)
New York is the fifth most expensive state to raise a child in, costing $29,468 per year. Child care alone will cost a parent about $17,821 per year. Housing costs total about $3,543, and groceries $2,100.
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The cheapest state
In some southern states, the cost of raising a child is significantly lower.
Mississippi was rated the cheapest, with a total of $16,151, followed by Arkansas, Louisiana, Kentucky and Alabama.
