NEW YORK (PIX11) — While some parents may describe raising a child as a priceless experience, a new study says that parenting adds up quickly in New York City.
Parents can spend up to $226,849 to raise a child in New York over 18 years, according to a Lending Tree study. While families in New York can spend an average of 20% of their income on their children.
On average, parents spend can more than a quarter of a million dollars to raise a child nationwide. The average annual cost to raise a child jumped 19% from 2016 to 2021.
New York is the sixth most expensive state to raise a child, while New Jersey is ninth. Additionally, Hawaii takes the title for the most expensive place, the study revealed.
Charline Charles is a digital journalist from Brooklyn who has covered local news along with culture and arts in the New York City area since 2019. She joined PIX11 News in 2022. See more of her work here.