Raising a family in the United States can be expensive, so, fortunately, there are many intangible benefits to doing so.
A recent study by GOBankingRates revealed that the average yearly cost of center-based childcare (as opposed to home-based) can range from approximately $9,000 for school-aged children to around $15,000 for infants, adding to the overall cost of living increases due to the increased need to feed, clothe, and educate more people.
In addition, the price tag for child care differs not only across states but also between individual cities. To determine which states are the most and least costly for having a child, GOBankingRates evaluated city data from Sperling’s BestPlaces, the Bureau of Labor Statistics, the Zillow Home Value Index, and AreaVibes to determine the most expensive places to raise a family. To no one’s surprise, a number of these cities are located in states with notoriously high cost of living.
Listed below are the ten most costly places in the United States to raise a family.
10. The Hawaiian city of Pearl
The average salary is $116,938.
Total monthly payment: $5,517
The total cost of living per month is $9,237.
A yearly budget of $110,849
9. New York’s Spring Valley
Annual salary: $50,749
Loan payment: $4,794 per month
Cost of living as a whole: $8,353 per month
A yearly budget of $100,234
8. CA’s Menlo Park
The average salary is $198,273.
Loan payment: $16,120 per month
The total cost of living per month is $19,439
A yearly budget of $233,267
7. Hawaii’s Kapolei
Income distribution: $121,768
Loan payment: $5,129 per month
The total cost of living each month is $8,937.
The total cost of living per year is $107,240.
6. New York’s Monsey
Annual salary: $49,630
A monthly mortgage payment of $7,022
Ten thousand five hundred dollars per month
A yearly budget of $126,596
5. The Aloha State
The average salary is $82,772.
Total monthly expenses: $11,030 Monthly mortgage payment: $7,416
A yearly budget of $132,355
4. California’s Newport Beach
Income distribution: $149,471
Total monthly expenses amounting to $24,879, including mortgage payments of $22,013
The total cost of living for a year is $298,551.
3. Hawaii’s Waipahu City
Average monthly income: $87,961 Average mortgage payment: $5,302
Living expenses as a whole: $9,090 per month
The yearly cost of living amounts to $109,076.
One of the Most Beautiful Places in the US is recognized as a town in Wyoming
2. Burlingame, California is the second location.
Annual salary: $165,940
Household income: $15,619 per month
Living expenses as a whole: $19,012.
A yearly budget of $228,148
1. The Big Apple
The average salary is $76,607.
Mortgage payment: $4,458 per month Expenses: $8,431 per month
Expenditure for a year: $101,168
How to Make It As a Parent Regardless of Your Location
What is the price of children? Where you bring them up has a significant impact, as you can see. Regardless of where you live, the two largest expenses will be housing and child care. When deciding where to raise a family, take these prices in mind.
College is becoming more and more expensive, therefore it’s ideal to have some savings left over after covering the regular expenses of having a child.
The reporting for this piece was aided by Jordan Rosenfeld.
