LendingTree Reports Child-Rearing Costs Exceed $300K
Key Takeaways
- 1Average U.S. child-rearing cost now $303,418, rising 1.9%.
- 2Childcare expenses remain the largest financial burden.
- 3Increased costs impact long-term savings for families.
According to a recent study by LendingTree, the average cost of raising a child in the United States now stands at $303,418 over 18 years, illustrating a 1.9% increase due to rising rents and clothing prices. The report highlights significant variances across states, with Hawaii topping the list at $412,661, while New Hampshire offers the lowest costs at $201,963. Childcare costs, in particular, surged in various states, reflecting not only local economic factors but also supply-demand disparities in available services.