Having the money to raise a child is never cheap, but a new study is showing it's going to cost even more.
. They collected information from multiple categories including rent, food, child care, apparel, transportation, health insurance premiums and state tax exemptions or credits.
The company found that the average annual essential cost to raise a kid rose nearly 20% between 2016 and 2021, the latest year for which complete data was available.A girll holds the hand of her mother in the courtyard at school. "There is so much that goes into providing even the basics for that little person," Matt Schulz, LendingTree’s chief credit analyst, said, adding, "Those things you need aren’t getting any cheaper these days."In contrast, annual costs to raise a kid were lowest in Mississippi at $15,555, Alabama at $16,192 and Arkansas at $16,284. The states with the smallest expenses paid among the lowest for infant day care at less than $8,000 a year.
Families in Hawaii spent an average of 23.9% of their income in 2021 on the basic annual expenses to raise a small child. The Aloha State’s cost, in large part, is parents paying a whopping $4,176 more a year in rent than their child-free counterparts. Aloha State parents can also expect to pay an additional $4,010 annually in health insurance premiums.
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