Raising a child is getting more expensive - but the problem is worse in these 5 states
foxbusiness.comFOX Business' Lauren Simonetti reports on the latest market and political news surrounding Target, child care costs and rapper Cardi B.
High inflation has made the price of just about everything in the U.S. more expensive — including how much it costs to raise a child.
«The cost of everything is rising,» said Matt Schulz, LendingTree chief credit analyst. «There’s so much that goes into child care, including rent, payroll, insurance and much more. When all those costs shoot up, the overall cost of child care does, too.»
The cost of child care surged nearly 20% between 2016 and 2021, the latest year for which complete data is available, according to LendingTree. Annual expenses, excluding tax exemptions or credits, hit $21,681 in 2021, versus $18,167 in 2016, the data shows. That means the typical family is spending about $237,482 over the course of 18 years to raise a child — and that is excluding the cost of college.
However, new research published by SmartAsset suggests that the problem is even worse in some states.
RAISING A CHILD IN THE US IS GETTING EVEN MORE EXPENSIVE
Here is a closer look at the most expensive places to raise a child.
A view of the Boston skyline. (Ron Dahlquist/Design Pics Editorial/Universal Images Group via Getty Images) / Getty Images)
Raising a child in Massachusetts costs an estimated $35,841 a year – the most expensive state in the country and nearly double the national average. More than half of that cost is attributed to child case expenses, which came in at $21,503 – the highest among any state. Other expenses include about $5,000 for housing and $2,190 for food.
In fact, raising a child up to the age of 18 costs about $439,000 more in Massachusetts than it does in Mississippi,
Read more on foxbusiness.com
