High Inflation hitting hard as child care surges 20%


Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Raising a child is getting more expensive – but the problem is worse in these 5 states
  • High inflation has made the price of just about everything in the U.S. more expensive — including how much it costs to raise a child.
  • “The cost of everything is rising,” said Matt Schulz, LendingTree chief credit analyst. “There’s so much that goes into child care, including rent, payroll, insurance and much more. When all those costs shoot up, the overall cost of child care does, too.”
  • The cost of child care surged nearly 20% between 2016 and 2021
  • That means the typical family is spending about $237,482 over the course of 18 years to raise a child — and that is excluding the cost of college.
  • However, new research published by SmartAsset suggests that the problem is even worse in some states.
  • Raising a child in Massachusetts costs an estimated $35,841 a year – the most expensive state in the country and nearly double the national average.
  • The annual cost of raising a child in Hawaii is $35,049, which includes about $19,500 for child care. One of the largest expenses in the Aloha State is housing, according to the study. Adding a child to a two-family household costs an additional $6,188 per year. By comparison, that adds about $4,983 in Massachusetts.
  • It is notably cheaper to raise children in a handful of Southern states.
  • Mississippi ranked as the least expensive, coming in with a total cost of $16,151. That is followed by Arkansas, Louisiana, Kentucky and Alabama.

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