Raising children in the U.S. has become prohibitively expensive, with an analysis from LendingTree revealing a 36% increase in annual child-rearing costs since 2023, now averaging $30,000. Families require substantial incomes to afford basic childcare, with some needing over $250,000 annually. This financial strain extends beyond childcare to include housing, food, and healthcare, creating a significant economic burden. Notably, the cost of food has surged by nearly 30% in the same period, exacerbating challenges for families, particularly in high-cost states.
Across many states, families need to earn an average of $180,000 to comfortably afford infant care; the high cost of living can require an income exceeding $250,000.
Since 2023, the annual cost of raising a young child has jumped by nearly 36%, coming to about $30,000 per year, amounting to almost $300,000 over 18 years.
Families report spending nearly 23% of their income on the annual expenses of raising children, with childcare comprising a significant portion of those expenses.
Food costs jumped by nearly 30% since 2023, contributing to high expenses, even in states with cheaper childcare, like North Dakota.
#childcare-costs #family-finances #child-rearing-expenses #cost-of-living #raising-children-in-the-us
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