LendingTree ranks Hawaii most expensive state for raising a child
Updated
Updated · Business Insider · May 9
LendingTree ranks Hawaii most expensive state for raising a child
4 articles · Updated · Business Insider · May 9
The study put Hawaii's annual cost at $40,342, with parents there spending 27.4% of income, while the US average share was 21.9% and Maryland ranked second.
LendingTree estimated US parents spend $303,418 to raise a child over 18 years, with childcare typically the biggest expense and often exceeding mortgage costs for families with two children.
Mississippi was the cheapest state at $17,148 annually, and the report used data on rent, food, transport, childcare, apparel, insurance and tax breaks to compare states.
With childcare costs exceeding mortgage payments in most states, what is the true price of America's childcare crisis?
As the cost to raise a child soars past $300,000, is parenthood in America becoming an unaffordable luxury?
Are record-low birth rates and soaring costs signaling a future US economic decline?