Recent Child Study List Puts New Jersey in the Top 10
How much does it cost to raise a child from birth to 18 years of age in the United States? The cost is different in every state. So, how much does it cost in New Jersey?
I think it depends on who you ask, the answer could be anywhere from “it’s a lot” to “it’s priceless.” My guess was much higher than the actual number. However, according to a recent study, the actual financial cost in dollars is rising by the minute.
A study released this month by LendingTree, took into account seven factors when it came to calculating the cost of a child. They examined to cost of food, rent, child care, apparel, transportation, health care premiums, and tax exemptions. They did not include non-essential things like sports, after-school classes, and other extra activities.
In today’s market, the estimated cost of raising a child from birth to age 18 in the United States is $237,482, according to the Lending Tree study.
2021 was the most recent data available to the study. That year the average cost of essential annual expenses for a child such as child care, clothing, and food totaled $21,681. Five years earlier, in 2016, that cost was $18,167.
New Jersey was 9th on the list with an annual cost of $25,390. Childcare was the costliest at $17,460. At number 6 New York’s total was $26,017 with a childcare cost of $18,574. At 27, Pennsylvania was significantly cheaper with a total of $20,405 and childcare at $12,152.
Mississippi is the least expensive state in which to raise kids, according to Lending Tree, coming in at an average of $15,555 per year.
Two other states in the South, Alabama, and Arkansas, follow Mississippi closely in being the cheapest places to parent in the U.S. They had an average cost of $16,192 and $16,284, respectively.
While Hawaii is known to be a beautiful place to live, it ranked as the most expensive state to raise a child, at an average cost of $30,506 per year, and a total of $314,529 over 18 years.
That makes New Jersey about $5000 less than the most expensive, and about $10,000 more than the least expensive.
Does this make you think about moving?