10 US cities where it is most expensive to raise children in 2024
The cost of raising children varies depending on the area in which you live. Here are the 10 U.S. cities where it is most expensive to raise a family.
From education expenses to basic daily needs, raising a child has become a financial challenge for thousands of families across the country. According to an analysis by Creditnews Research, the average cost of raising a child in U.S. metropolitan areas is $22,989 per year.
However, when you consider various factors such as the cost of housing, food, health care, and child care, among other needs, the figure can increase considerably, depending on the area in which you live.
Here is a list of the 10 cities in the United States where it is most expensive to raise children in 2024.
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10 US cities where it is most expensive to raise children in 2024
According to the analysis, San Francisco is the most expensive city to raise children in 2024, with the annual cost of bringing them up rising to $37,340 a year, a figure well above the national average. Creditnews Research estimates are based on Department of Labor data on the average additional costs expected to be paid by two parents over the course of a year.
For raising a child, these expenses include “child care, food, housing, health care, transportation and other necessities,” resulting in a completely different economic picture for each area of the country.
- San Francisco, California: $37,340 per year
- San Jose, California: $37,305 per year
- Boston, Massachusetts: $35,236 per year
- Bridgeport, Connecticut: $33,267 per year
- San Diego, California: $32,763 per year
- New York, New York: $32,115 per year
- Oxnard-Thousand Oaks-Ventura, California: $31,615 per year
- Los Angeles, California: $31,459 per year
- Denver, Colorado: $31,122 per year
- Honolulu, Hawaii: $30,976 per year
With five cities in the top 10, California becomes the most expensive state to raise a child in the United States. In contrast, Mississippi ranks as the relatively cheapest state, with the city of Jackson boasting an average cost of raising a child of $14,661 per year.
Currently, the median household income in the United States is $79,090 annually, according to Motio Research. This means that in many cities, raising a child accounts for half of one’s income.