Florida– The cost of raising a child is something that mothers and fathers in Florida are well aware of.
According to the findings of a recent survey conducted by LendingTree, the annual cost of raising a child in the Sunshine State has rapidly increased to $23,241, making it the 26th-most expensive in the country.
In addition, the cost of the state over the next 18 years increased significantly, reaching $254,031 in the year 2025. It is the nineteenth highest in the United States.
According to Matt Schulz, chief consumer finance analyst at LendingTree, the alarming rise in the costs of child care and other expenses is a dreadful piece of news for parents.
There is no reason for anyone to be surprised by the fact that costs have increased over the past several years; nevertheless, the kind of growth that we have witnessed in child care expenditures is on an entirely different level, he argues. The expansion can be attributed to a multitude of factors, such as increased demand, rising inflation, and rising labour expenses. Nevertheless, whatever of the reason, this growth is making an already difficult element of parenting even more difficult to deal with.
What follows is a list of the top ten states in terms of annual costs associated with raising a child:
- Hawaii $36,472
- Massachusetts $33,004
- Washington $32,418
- Maryland $31,601
- California $30,059
- Minnesota $29,891
- New Jersey $29,728
- New York $29,327
- District of Columbia $29,186
- Colorado $28,922
When compared to the previous two years, the annual costs that are involved with raising a child in the country have increased by 35.7%. The annual expenses, less any tax exemptions or credits, amount to $29,419, which is an increase over the previous year’s total of $21,681 in 2023.
The expense of parenting a child who is above the age of 18 is estimated to be $297,674 across the country, according to the survey. Since the last research, this represents a decrease of 25.3%.
For the purpose of determining the most and least expensive places to raise a child, the team at the online lending marketplace conducted an analysis of the average yearly cost of having a child. The analysis took into account child-specific and household expenses, such as child care and rent, among other things.
According to the survey, Hawaii is the state with the highest expenditures associated with raising a child, with annual costs reaching $36,472 and cumulative costs reaching $362,891 over the course of 18 years. With an annual cost of $16,490, Mississippi is the state with the lowest cost of raising a child, which is nearly $20,000 less than the cost of raising a child in Hawaii. The costs for 18 years are $190,402 in the state of Mississippi.
