Understanding the costs associated with raising a child is essential, not only for personal financial planning but also for shaping public policies that support family well-being. On average, it costs $25,181 per year to raise a child in a large U.S. metro. But the costs for childcare, additional housing, food, medical necessities and other expenses vary widely, with the total price tag adding up much higher in some places.
To determine the costs of raising a child, SmartAsset examined cost of living data across 50 of the largest U.S. metro areas, ranking them from most to least expensive.
SmartAsset reviewed MIT Living Wage Calculator data to compare the living costs of a household with two working adults and one child to that of a childless household with two working adults in 50 of the largest metro areas. The data is from February 2024. Costs include additions for food, housing, childcare, healthcare, transportation and other necessities.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.