ATLANTA — From childcare, college, transportation, you name it, having a child is expensive – and it’s getting worse.
The cost associated with raising a child is up nearly 36% since 2023, according to Lendingtree.
When the debt consolidation company last did its study two years ago, the average cost of raising a child was $21,681. Now it is $29,419.
When it comes to a state-by-state look, Georgia is among the cheapest in the US. The Peach State came in at No. 48 on the list, with Georgians paying an average of $201,058 until a child is 18.
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The most expensive state to raise a child – Hawaii. The least expensive is Mississippi.
When it comes to states who spent the least of their income on raising a small child, Georgia came in a No. 2.
“Parents in the District of Columbia spend the lowest portion of their income on raising a child, at 14.0%. The state’s high average family income of $208,264 plays a role here. Georgia (15.9%) and South Carolina (16.1%) follow,” Lendingtree said.
So how did Lendingtree come up with these numbers?
“Our calculations incorporated expenses for rent, food, day care, apparel, transportation and health insurance premiums. Dependent tax benefits — whether exemptions or credits — were subtracted from expenses to create the average annual cost to raise a child by state,” Lendingtree said.
To read more of Lendingtree’s analysis, CLICK HERE.