Minnesota ranks as 12th most expensive state to raise a young child
MINNEAPOLIS (FOX 9) - It’s getting more and more expensive to raise a young child between child care, groceries and other costs.
According to a new Lendingtree.com study, the 18-year cost of being a parent is up to more than $303,000, up 1.9% from last year, after tax exemptions and credits. The average annual cost in the first five years went down 0.3%, from $29,419 to $29,325.
The most expensive state in the country to raise a child? Hawaii, at more than $40,000 annually.
Minnesota is 12th-most expensive nation-wide
By the numbers:
According to the Lendingtree study, Minnesota is the 12th-most expensive state in the U.S. to raise a young child. Here’s how the numbers break down:
- Infant day care: $20,421
- Food: $2,077
- Rent: $1,044
- Transportation: $2,700
- Insurance premiums: $3,126
- Girls’ apparel: $308
- Exemption/credit values: $354
- Total annual cost: $29,322
Minnesota ranks No. 21 in raising kids over 18 years
Why you should care:
According to the study, it costs Minnesotans $262,300 to raise a child over 18 years. That ranks No. 21 nationally. Here’s where that stacks up compared to neighboring states:
- No. 24 – North Dakota ($259,123)
- No. 27 – Wisconsin ($253,332)
- No. 43 – South Dakota ($222,976)
- No. 46 – Iowa ($215,443)
The most expensive state in the country to raise a child over 18 years? Again, Hawaii, at more than $412,000.
How much household income goes to raising kids
Dig deeper:
The study shows Minnesota ranks a modest No. 35 in the country when it comes to the amount of household income that goes to raising kids annually. With an average annual family income of about $144,000, about $29,300, or 20.4%, goes to raising kids.