Raising a child is getting more expensive, especially in these 5 states
FILE-Families get together to play at a neighborhood park. (Photo by MATT CARASELLA/Patrick McMullan via Getty Images)
Caring for a child can add up, considering the mounting costs from food to housing. But these costs are exponentially higher depending on where you live.
Smart Asset published a new study highlighting how these expenses affect families in certain states compared to others.
The financial technology company gathered data by using MIT Living Wage Calculator data to compare the living costs of a home with two working adults and one child to a household with two working adults without children.
Data is from February 2024, factoring costs like additions for food, housing, childcare, healthcare, transportation, and other necessities.
Here are the five most expensive and least expensive states to raise a child.
Five most expensive states to raise a child
1. Massachusetts
The cost of raising a child in Massachusetts is an estimated $35,841 annually. Over half of these expenses account for childcare, totaling $21,503. Other expenses include $4,983 for housing, $2,347 for medical costs and $2,190 for food.
2. Hawaii
Raising a child in Hawaii is $35,049 a year, including $19,592 for childcare, $6,188 for additional housing, and $2,481 for food.
3. Connecticut
Connecticut ranks third at $32,803 in annual costs to take care of a child, including $19,554 for child care per year, and $4,139 in housing expenses and $3,069 for transportation.
4. Colorado
If you’re raising a child in Colorado, it will cost you $30,425 annually. This includes $16,620 for food, $4,166 for housing, and $2,329 in medical costs.
5. New York
The annual cost to take care of a child in New York is $30,247. Parents will pay $17,821 in child care, with housing expenses totaling $3,543 and $2,141 for food.
What are the least expensive states to raise a child?
- Mississippi ($16,151 annual cost)
- Arkansas ($17,424 annual cost)
- Louisiana ($17,918 annual cost)
- Kentucky ($18,588 annual cost)
- Alabama ($18,653 annual cost)
To see the full rankings of states on this year’s list, click here.
This story was reported from Washington, D.C.