Cathy Isom continues her series on the cost of raising a child by giving us information from the study that says where you live will determine just how much you spend raising a child. That’s coming up on This Land of Ours.
Where you Live Makes a Difference
We know that raising a child born in 2015 will cost approximately $233,000.00 by the time the child is 18. That’s according to the recent USDA annual Cost of Raising a Child Report. But the economists who authored the study say the cost of raising a child also varies by region.
“we found that families in the urban northeast spent the most on a child followed by families in the urban west then came the urban south and the urban mid-west. Families in rural areas throughout the country spent the least on the child.”
And the family income also factors into how much it costs to raise a child.
“the more income a family has the more they will spend on a child.”
According to a Economic Policy Institute study in 20-15 Florida is one of the top 10 most expensive states. Hawaii and New York came in first and second.
Tennessee, Utah and California were the top 3 least expensive child-rearing states.
I’m Cathy Isom…