A recent report published by SmartAsset highlights that although the median annual cost for raising a child across all states is $22,850, the range of costs from state to state can vary wildly, with Massachusetts being the most expensive state on the list with a whopping $36,000 per year, followed closely by Hawaii, Connecticut, Colorado, New York and California.
On the flipside, the cheapest states to raise a child was Mississippi, followed by Arkansas, Louisiana, Kentucky and Alabama.
For the analysis, all states were evaluated considering costs like food, housing, childcare, healthcare, transportation and other necessities.
In the case of the top ranked Massachusetts, more than half of this cost is attributed to childcare ($21,503), which is the highest of any state. In fact, raising a child up to the age of 18 costs $439,000 more in this state than Mississippi. The remaining costs for raising a child in Massachusetts are:
- Food: $2,193
- Childcare: $21,503
- Medical costs: $2,347
- Additional housing: $4,983
- Transportation: $2,944
- Other necessities: $1,871
Other findings from the research by SmartAsset included:
- The savings between the top 10 most expensive states and the 10 least expensive states to raise a child ranges from $180,000 to $439,000.
- Additional housing for a child costs most in Hawaii and California. Adding a child to a two-worker household costs an additional $6,188 per year in Hawaii, and an additional $5,573 in California.
- Besides Massachusetts, childcare costs more than $15,000 per year in these states: Massachusetts, Hawaii ($19,592), Connecticut ($19,554), New York ($17,821), Colorado ($16,620), Minnesota ($15,722) and Washington ($15,463).
- Raising a small child costs less than $18,000 per year in three states: Mississippi ($16,151 annually), Arkansas ($17,424 per year) and Louisiana ($17,918).
In related news, WalletHub recently revealed the top 5 states with the best economies in the U.S., based on their economic activity, economic health, and innovation potential using 28 metrics, including change in GDP, unemployment rate and fiscal health to determine which ones are pulling the most weight when it comes to pushing the economy upward.
The ranking was led by Washington, followed closely by Utah, Massachusetts, Texas and California.
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