Any parent will tell you that raising a child is the most rewarding thing in life and also the most challenging. Being a parent can also be quite expensive. Having children is certainly worth it, but the expense of raising a child is something couples should consider.

A recent study conducted by LendingTree has revealed that New York is the sixth most expensive state in the United States to raise a child. The study analyzed data and calculated the average annual cost of raising a child in a two-earner household, factoring in various expenses such as child care and rent.

According to the findings, the basic annual expenses to raise a small child in New York comes out to roughly $26,017. Families in New York state are projected to spend a total of $131,094 over the course of 18 years in raising a child and that is without emergency bills and such.

On average, families in New York allocate 19.8% of their income to cover the basic annual expenses associated with raising a child.

These findings highlight the financial challenges that families face when it comes to providing for their children in the state of New York. The high cost of living, including expenses like rent and child care, contributes to the overall financial burden.

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The study also reveals a nationwide trend of increasing costs of raising a child. Essential costs to raise a child annually have jumped by 19.3% on average across the country. In 2021, the annual expenses minus tax exemptions or credits amounted to $21,681, compared to $18,167 in 2016.

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Gallery Credit: Traci Taylor

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Gallery Credit: Traci Taylor