New study ranks states by the cost of raising a child. Here's where New Jersey lands
LendingTree estimates Garden State families spend nearly $32,000 a year during a child's first five years, among the highest costs in the nation.
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New Jersey is the fifth-most expensive state to raise a child, according to a new LendingTree study that estimates families spend nearly $32,000 a year during a child's first five years of life.
The analysis estimated the annual cost at $31,948 in New Jersey, trailing only Hawaii, Maryland, Massachusetts and California. The national average was $29,325.
LendingTree found New Jersey families spend about 19% of their annual income on the basic costs of raising a young child. Infant day care was the largest expense in the state, averaging $20,213 a year.
Nationally, the study estimated it costs $303,418 to raise a child from birth through age 18, or an average of $16,857 a year. The first five years are the most expensive because they include infant day care, while annual costs drop during the remaining 13 years.
The analysis was based on a two-earner household with one child earning the national median family income.
LendingTree based its analysis on data from the U.S. Census Bureau, Bureau of Labor Statistics, Care.com, KFF and the Internal Revenue Service.
