According to a new report, the cost of raising children in New York State – along with everything else, of course – continues to get more and more expensive.
Researchers at LendingTree have noted that it currently costs a whopping average of approximately $226,849 to raise a child in New York. The report notes numerous expensive associated with rearing an offspring, including child-specific expenses (like child care) and regular household expenses that raising a child can impact (like rent).
Here’s a quick rundown:
- It costs $226,849 to raise a child in New York over 18 years. This makes New York the 13th-most expensive place to raise a child.
- Families in New York spend an average of 19.8% of their income on the basic annual expenses to raise a child.
- Nationwide, families are projected to spend $237,482 over 18 years to raise a child. Our 18-year estimate is highest in Hawaii at $314,529 and lowest in South Carolina at $169,327.
- The average annual essential costs to raise a small child jumped 19.3%. Annual expenses minus tax exemptions or credits totaled $21,681 in 2021 versus $18,167 in 2016.
The Lending Tree study highlights that, despite the fact that raising a family is part of the American dream, it’s getting costlier and costlier than ever to be parents.