Here's how much it costs to raise a child in your state (2024)

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Here's how much it costs to raise a child in your state? ›

They found that middle-class families with a married couple and two kids spent about $12,350 and $13,900 every year for each child. With an inflation rate of 25.6% from 2015 to 2023, this means that the average cost of raising a child in the United States in 2023 is about $15,512.52–$17,459.43 per year.

They found that middle-class families with a married couple and two kids spent about $12,350 and $13,900 every year for each child. With an inflation rate of 25.6% from 2015 to 2023, this means that the average cost of raising a child in the United States in 2023 is about $15,512.52–$17,459.43 per year.

Prepare yourself for the sticker shock: According to a 2023 study by LendingTree, the nationwide average for the cost of raising a child is $21,681 per year. The study took into account rent, food, child care, clothing, transportation, health insurance premiums and state tax exemptions or credits.

Families Projected to Spend an Average of $233,610 Raising a Child Born in 2015. USDA recently issued Expenditures on Children by Families, 2015.

Massachusetts has the highest annual costs for two working adults raising a small child at $35,841. More than half of this cost is attributed to childcare ($21,503), which is the highest of any state. Raising a child up to the age of 18 costs $439,000 more in Massachusetts than Mississippi.

The best state to raise a family: Massachusetts

For the second year in a row, Massachusetts is the best state to raise a family. The New England state earned a total score of 66.97 and ranked first in education and child care.

Besides the cost of housing, food, childcare, and education, parents will need to factor in transportation, healthcare and insurance, clothing, extracurricular activities, sports and hobbies, and family trips or vacations.

Housing is the most expensive cost associated with raising a child, making up 29% of the total expenses. Based on the USDA's annual cost estimates, you're looking at about $5,235 going toward housing alone each year. Where you choose to raise your family will impact the overall amount you spend on housing each year.

Housing. Housing is arguably the most significant expense associated with raising a child.

Cost of Raising a Child Twice as High in Some States as Others – 2024 Study. When it comes to two working parents raising one child, the median annual cost across all states is $22,850 – but the range of costs from state to state can vary and even be much higher.

Does it cost $1 million to raise a child? ›

On average parents spend nearly a quarter of a million dollars ($237,482) to raise a child up to age 18. Beyond that, the costs skyrocket with the cost of college. The most expensive state to raise a child is Hawaii.

Babies are cute, but they come with a big price tag. According to USAFacts.org, as of 2022 the average middle-income family could expect to spend between $16,007 and $17,141 on child-related expenses each year. For newborns, the cost can be even higher.

Average Monthly Expenses for a Family of Four

In 2022, families or households of four averaged $8,460 in monthly expenses, or $101,514 annually. This was roughly 9.2% higher than in 2021, when families of four had a monthly expense average of $7,749.

The five states with the lowest cost are all in the south — Alabama, Kentucky, Louisiana, Arkansas, and Mississippi. In Mississippi, the least expensive state in the nation, it costs just over $16,000 a year to raise a child — less than half of what it costs in Massachusetts.

Data source: Brookings Institute (2022); U.S. Department of Agriculture (2015). Under the 4% inflation scenario, annual expenditures on raising a child exceed $15,000 when they turn eight and raise over $20,000 a year when they turn 14. Parents are estimated to spend nearly $25,000 when their child is 17.

Connecticut is the best state for raising happy, healthy children. ATLANTA, GA., June 20, 2024 (GLOBE NEWSWIRE) -- New research finds that Connecticut (1), Massachusetts (2), and New York (3) have the happiest and healthiest child populations, while Mississippi (50) and South Carolina (49) have the least.

Costs will vary widely depending on your health insurance and even what state you're in, as well as how your delivery goes: (No insurance) Total average hospital bill for a regular birth: $30,000. (No insurance) Total average hospital bill with a c-section: $50,000.

Out of the five most expensive states in the US (California, Hawaii, Maryland, New Jersey, and New York), only Hawaii ranks in the top ten states with the highest child support payments, and both Maryland and New Jersey rank in the bottom ten states with the lowest payments.