Parenthood can be expensive. In fact, the national average cost of raising a child to the age of 18 is about nearly a quarter of a million dollars—$245,340 to be exact. Of course, depending on where you live, that number will vary with cost of living. NerdWallet quantified the average cost of raising a child in 288 major cities.
It's not surprising that some of the most expensive cities to raise a child are also expensive places to live overall. New York, Honolulu and San Francisco topped the list, of course, with the least expensive cities including Norman, Oklahoma; Harlingen, Texas and Ashland, Ohio.
But even more than the rankings, the actual figures are interesting to look at. For example, in New York, it's almost double the national average to raise a child—$540,514. Keep in mind—these numbers are the cost of raising a child to the age of 18.
To come up with these numbers, NerdWallet used the national average from the U.S. Department of Agriculture and adjusted it for the cost of living in each city, using data from the Council for Community and Economic Research. For their full list of cities, check out the post.
The True Cost of Raising a Child | NerdWallet
Photo by Thomas sauzedde.
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