Everything costs more these days, including having kids. Raising a child has always come with a long list of expenses, from diapers to child care to groceries, but new research shows just how much parents are spending now. A new estimate from LendingTree reveals the price tag is an average of $16,857 per year.
That adds up to a whopping $303,418 over the course of 18 years for one kid. That’s about 2% higher than last year and the first time the total has topped $300-thousand since LendingTree started the study in 2023.
- Their calculation is based on the typical expenses for a couple earning the U.S. median family income, which is about $100-thousand.
- But the $303-thousand doesn’t even include college, since it ends when a child turns 18.
- The average of a U.S. college education is now about $38-thousand a year, which could raise the total by another $152-thousand.
- Of course, where families live makes a difference. Costs in three states — Alaska, Kansas and Montana — spiked by more than 20% over last year.
- Hawaii is the most expensive state for raising a child, according to the research. Families there can expect to spend over $100-thousand more, a total of $412,661 over 18 years.
- Alaska comes in second ($365,047), followed by Maryland ($326,360).
- Projected costs are lowest in New Hampshire ($201,963), Washington, D.C. ($202,115) and South Carolina ($204,213).
Source: CBS News
photo: GETTY