As inflation continues to impact the cost of living across the United States, raising a child has never been more expensive. A recent study by Creditnews Research delves into the costs associated with raising children in the nation’s 100 most populous metropolitan areas, uncovering significant disparities based on location.
According to the study, the average annual cost of raising a child in these metros is $22,989, translating to a staggering $413,810 over 18 years. However, this cost varies widely depending on where families live. For dual-income households, the study estimates that basic living expenses without children require an annual income of $64,229. For families with children, this figure escalates sharply, with one child necessitating $91,608, two children requiring $114,898, and three children demanding an income of $133,197.
The study identifies Jackson, Mississippi; McAllen, Texas; and Wichita, Kansas as the most affordable metros for raising a child. For example, Jackson, Mississippi stands out as the most affordable, where parents can expect to spend $14,661 annually per child, totaling $263,892 by the time the child turns 18. These areas benefit from lower housing and childcare costs, making them more accessible for families.
Conversely, the least affordable metros are clustered in high-cost regions, particularly in California. San Francisco tops the list, where the average annual cost of raising a child is $37,340, leading to a total expense of $672,120 over 18 years. Other high-cost metros include San Jose and Boston where the cost of living and housing make raising children particularly challenging.
This analysis underscores the financial burdens faced by families across different regions and highlights the importance of location in determining the affordability of raising children. With costs continuing to rise, families are increasingly required to navigate these challenges, balancing their financial resources to provide for their children’s needs.
Click here for the full report from Creditnews Research.
The post The Most and Least Affordable Metros for Raising a Child first appeared on The MortgagePoint.
