High inflation is making the cost of raising a child in the United States prohibitively expensive.
According to online lending marketplace LendingTree the cost of child care in the U.S. has surged nearly 20 percent between 2016 and 2021. Annual expenses without taking into account tax exemptions or credits hit $21,681 in 2021, compared to just $18,167 in 2016.
This means that the typical family is spending about $237,482 over 18 years to raise a child – and this data doesn't even take into account certain costs, such as college tuition fees.
LendingTree's data is one of the more conservative estimates. In August 2022, the Wall Street Journal reported that the average cost of raising a child born in 2016 through the age of 17 is now over $310,000, with annual spending at around $18,271. (Related: America in 2024: Fast food is a "luxury," 11 million children live in poverty, and 1000s of stores are closing.)
"The cost of everything is rising," warned LendingTree Chief Credit Analyst Matt Schulz. "There's so much that goes into child care, including rent, payroll, insurance and much more. When all those costs shoot up, the overall cost of child care does, too."
The increase in what families have to spend to raise children comes amid rising inflation expectations. Citing data from the economics think tank the Brookings Institution, inflation expectations for the next five years have surged back to their highest levels, raising questions regarding the ability of the Federal Reserve and the administration of President Joe Biden to tame consumer prices.
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Rising cost of child care even worse in 5 Democrat-controlled states
According to new research published by financial technology firm SmartAsset, the costs associated with raising a child in America are not evenly distributed, and five states in particular stood out as the most expensive places in the U.S. to raise a child. They are, in order of cost, New York, Colorado, Connecticut, Hawaii and Massachusetts – all states fully controlled by the Democratic Party.
In New York State, the annual cost of raising a child comes to an average of $29,468. Child care alone costs parents about $17,821 annually. Housing adds another $3,543 to the total, while groceries account for $2,100.
In Colorado, the cost of raising a child is about $30,425 annually. Child care comes in at around $16,620, while food and housing roughly cost about $2,035 and $4,166 annually, respectively.
Connecticut ranks as the third most expensive state to raise a child in, with average annual costs at around $32,803. This includes about $19,554 per year for child care, $4,139 for housing expenses and about $2,111 for groceries.
In Hawaii, the annual cost of raising a child is $35,049. Childcare costs around $19,600, housing costs nearly $6,200 and groceries nearly $2,500.
Massachusetts is the most expensive state to raise a child in at an estimated $35,841 a year, which is nearly double SmartAsset's estimated national average of $22,850. More than half of this cost – $21,503 annually – goes to child care alone, and childcare costs in the state are the highest of any state. Other expenses include an average of $4,983 for housing and $2,193 for groceries.
By contrast, it is notably far cheaper to raise children in most of the American South, with the five cheapest states to raise a child in being Alabama ($18,653), Kentucky ($18,588), Louisiana ($17,918), Arkansas ($17,424) and Mississippi ($16,151).
In all five states, childcare and housing costs are less than half what they would cost in the five most expensive states. Grocery costs are only slightly cheaper – from an average of $1,897 in Alabama to $1,783 in Mississippi.
Watch this clip from Fox Business discussing how former President Donald Trump is warning of a "depression" if Biden wins a second term, and how Trump plans to deal with the inflation crisis.
This video is from the NewsClips channel on Brighteon.com.
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