The five most expensive states to raise a child
A SmartAsset report found that Massachusetts is the most expensive place to support a child at $35,800 annually, nearly double the national average.
Familia abrazada (Pexels).
High inflation is making it more expensive every day to have and raise children. LendingTree revealed that parents currently spend around $237,000 over the course of 18 years to support just one child, excluding the cost of college.
LendingTree Chief Credit Analyst Matt Schulz commented:
Raising a child is more expensive in some states
Another investigation by SmartAsset revealed that costs are much higher in some places in the country due to the particular economy of each state:
- Massachusetts: With an average of $35,800 annually, it is the most expensive place to raise a child, almost double the national average.
- Hawaii: This state ranks in second place. It costs around $35,000 to raise a child on the island chain.
- Connecticut: It is the third most expensive place to raise a child at $32,800 annually.
- Colorado: The cost of raising a child is $30,425 a year, the fourth most expensive in the nation.
- New York: With an annual price of $29,468, it is the fifth most expensive state to raise a child.
The least expensive states
According to the study, it is much cheaper to raise children in the southern states.
Mississippi is the least expensive state (with a total price of $16,151 annually). Arkansas, Louisiana, Kentucky and Alabama follow.
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