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Did you know the average cost of raising a child in America is $234,900? According to the United States Department of Agriculture (USDA), it takes that amount to provide food, shelter and other necessities to a child for 17 years.
Breaking it down, this amounts to between $12,290 and $14,320 annually (depending on the age of child) for a two-parent, middle-class household. The costs can go down or up depending upon where you live. It is most expensive in the Northeast.
The 2012 report “Parents and the High Cost of Child Care” from Child Care Aware of America has listed the top 10 most expensive places to raise an infant (based on the percentage of income). The results factor in the average annual cost of infant care and the state median income for both single-parent families and two-parent families, writes CNBC.com.Your home state not on the list? You can also figure out the cost where you live using the USDA’s “Cost of Raising a Child” calculator on their website. Here are the top five. Note the lack of overlap between the most expensive places to raise a child and the best places to get a raise.
1. New York: Average Annual Cost of Infant Care: $14,009
Cost of care as a Percentage of State Median Income for a Two-Parent Family: 15.9%
Cost of Care as a Percentage of Median Income for a Single-Parent Family: 54.2%
2. Minnesota: Average Annual Cost of Infant Care: $13,579
Cost of care as a Percentage of State Median Income for a Two-Parent Family: 15.6%
Cost of Care as a Percentage of Median Income for a Single-Parent Family: 52.0%
3. Oregon: Average Annual Cost of Infant Care: $11,079
Cost of care as a Percentage of State Median Income for a Two-Parent Family: 15.4%
Cost of Care as a Percentage of Median Income for a Single-Parent Family: 49.8%
4. Colorado: Average Annual Cost of Infant Care: $12,621
Cost of care as a Percentage of State Median Income for a Two-Parent Family: 15.2%
Cost of Care as a Percentage of Median Income for a Single-Parent Family: 47.9%
5. Hawaii: Average Annual Cost of Infant Care: $12,876
Cost of care as a Percentage of State Median Income for a Two-Parent Family: 14.7%
Cost of Care as a Percentage of Median Income for a Single-Parent Family: 43.7%
