Raising a child now costs over $300,000, study finds

(NewsNation) — Raising a child in the U.S. now costs more than $300,000, according to a new study.

Research from LendingTree found the bump came even after tax exemptions and credits, despite the cost of the first five years dipping slightly.

“Our 2026 report, which primarily includes data from 2024, finds that expenses associated with raising a child for 18 years add up to $303,418, up 1.9% from $297,674 in last year’s report, which primarily used data from 2023,” LendingTree wrote in the study.

The analysis also indicated the overall 18-year cost of raising a child has risen 27.8 percent from 2023 to the present. In terms of the most expensive states to raise a child, Hawaii topped the list, followed by Maryland and Massachusetts.

“Parents in Hawaii face the highest costs, averaging $40,342 per year for those first five years,” researchers noted. “Maryland and Massachusetts are closest, at $36,419 and $34,247, respectively.”

Over the last year, 14 states saw year-over-year cost increases of up to 10 percent.