Map reveals most -- and least -- expensive states to raise a child

The cost of raising a child in the United States has climbed sharply, with new data showing wide differences depending on where families live. Hawaii came out as the most expensive state to raise a small child in 2024, with an estimated annual cost of $40,342 while Mississippi was the cheapest ($17,148), according to a report by the financial services site LendingTree. The findings highlight how geography plays a major role in family finances, with some states costing nearly twice as much as others. The rising cost of raising a child affects decisions about family size, child care and long-term financial planning. America is one of many countries facing declining birth rates, with financial worries consistently coming up as a reason families decide to delay or avoid having children. The 2008 financial crisis and its impact on housing, inflation and pay is often cited, along with parental leave and child care. The LendingTree study found that the total cost of raising a child to age 18 averages more than $300,000 nationwide, with some states far exceeding that figure. Researchers used U.S. Census Bureau data, among several other official sources, from 2024, and looked at the...

Source: https://www.newsweek.com/map-expensive-states-raise-child-11798334