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Cost of raising a child in New Jersey calculated in SmartAsset study

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We all know that children are expensive. But how expensive?

According to a new study by SmartAsset, the annual cost of raising a child in New Jersey is $26,870. Of that, $13,674 is for child care, $4,054 for additional housing and $2,068 for food. The total cost also includes medical care, transportation and other necessities.

SmartAsset, a financial services provider, compiled costs based on two working parents and one child for its study on the cost of raising children in the United States. It used data from the MIT Living Wage Calculator to compare the costs of a household with two working adults and one child to a childless household with two working adults.

The company found that the average cost was $22,850, but in some states it is twice as high as in others.

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The most expensive state was Massachusetts with an annual cost of $35,841, while Mississippi was the cheapest with an annual cost of $16,151.

New Jersey ranked 13th among the most expensive cities in the United States.

The 10 most expensive states to raise a child

  1. Massachusetts: $35,841
  2. Hawaii: $35,049
  3. Connecticut: $32,803
  4. Colorado: $30,425
  5. New York: $30,247
  6. California: $29,468
  7. New Hampshire: $27,849
  8. Washington: $27,806
  9. Rhode Island: $27,630
  10. Minnesota: $27,406

Anna Harden

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