Babies born in 2012 can cost their parents up to $369,000 by the time those babies finally turn 18 years old. Maybe that's why less and less Americans are having children. Here are the 10 most expensive states (the Northeast is represented often).
Babies born in 2012 can cost their parents up to $369,000 by the time those babies finally turn 18 years old. Maybe that’s why less and less Americans are having children, with U.S. fertility rate at the lowest ever reported, according to Business Insider.
The cost of children is going up every year and it can now run parents between $169,000 and $390,000 (in 2011 dollars) to raise a child until the age of 18, BI reports. These figures only include the cost of housing, food, child care, education and transportation until the child graduates high school. Costs can shoot higher very fast when factoring in college tuition and fees.
The Northeast is a very expensive place to raise a child, BI’s list of the most expensive states to raise children revealed. Seven out of the top 10 spots went to Northeastern states, while not a single state from the South showed up.
The West had the highest yearly food costs at $1,750 per child. In the Northeast the average cost was $1,700. As for America’s heartland, it only cost $1,500 to feed a child in the Midwest.
BI calculated annual child care and housing costs were from Child Care Aware of America’s 2012 report. Food costs by region came from the Consumer Expenditure Survey Data Table and the Bureau of Labor Statistics. Both housing and food costs were divided by four for a family.
(Note: this list is slightly modified from BI’s in that it doesn’t include average in-state tuition and fees at a public university, thus keeping the costs approximate for raising a child until they are 18 years old.)
Average yearly cost: $12,900
As part of the Midwest, the average yearly food costs are among the lowest in the country at only $1,500; however, the average yearly child care cost is $7,600.
Golden Gate Bridge, San Francisco
Average yearly cost: $13,650
Child care in California is the lowest on this list at only $6,600 a year. However, not only is the average yearly cost of food most expensive in the West, but housing in Hawaii is tied for the most expensive at $5,300.
8. New Hampshire
Average yearly cost: $13,800
The cost of child care is $7,800 a year and housing is at $4,300 a year. On the original BI list, New Hampshire took the top spot because it's tuition was the most expensive.
Average yearly cost: $14,550
Child care isn’t cheap in Hawaii ($8,300 a year), but then neither is food, either, since it’s in the expensive West region.
Average yearly cost: $14,700
Housing is cheapest among the top 10 (only $3,500 a year), but if you want to pay for child care, then you’ll be looking at the second largest bill. The average yearly cost for child care is $9,700.
5. New Jersey
Boardwalk in Seaside Heights
Average yearly cost: $14,900
Housing in the Garden State is awfully expensive, tying with California for the most expensive at $5,300.
Average yearly cost: $15,000
Connecticut is fairly expensive across the board with yearly child care costs at $8,600 and housing at $4,700.
3. Rhode Island
Average yearly cost: $15,100
Child care is among the most expensive, costing $9,200 a year on average. Plus, housing is $4,200 on average.
Beacon Hill, Boston
Average yearly cost: $15,800
The average cost for housing for the year is tied for the second-most expensive at $4,700, plus child care is the third-most expensive at $9,400 a year on average.
1. New York
New York City at night
Average yearly cost: $17,200
Although housing is fairly average for the top 10 at only $4,500 a year, parents will spend the most money by far paying for child care in New York. The average yearly cost for child care is a whopping $11,000.