Raising a child in the Tri-State? It could cost you over $300K

article

Children listen to teacher in classroom. (MARTIN BUREAU/AFP via Getty Images)

NEW YORK - The Tri-State area has some of the highest annual costs of raising a young child in the country, according to a new report.

New LendingTree analysis found that New Jersey, New York and Connecticut all rank in the top 10 states for child-rearing costs during the first five years of life — the most expensive period for families.

New Jersey ranked fifth-highest in the nation

A girll holds the hand of her mother in the courtyard at school. (Credit: Anne-Christine POUJOULAT / AFP via Getty Images)

Local perspective:

In New Jersey, families spend an estimated $31,948 per year raising a young child, the fifth-highest in the nation. 

New York ranks eighth at $30,209 annually, while Connecticut ranks 10th at $29,674.

The national average for the first five years is $29,325 per year.

Child care remains a major driver of those costs. Infant day care averages about $20,439 annually in New York, $20,213 in New Jersey and $18,492 in Connecticut, according to the report.

How much does it cost to raise a child in the Tri-State?

(Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

By the numbers:

Here’s a breakdown of annual costs in the Tri-State area according to LendingTree:

• New Jersey (#5)Rent: $3,372Food: $2,068Infant day care: $20,213Apparel: $341Transportation: $2,456Insurance: $3,581Tax credit: -$83
• Rent: $3,372
• Food: $2,068
• Infant day care: $20,213
• Apparel: $341
• Transportation: $2,456
• Insurance: $3,581
• Tax credit: -$83
• New York (#8)Rent: $2,688Food: $2,157Infant day care: $20,439Apparel: $337Transportation: $2,271Insurance: $2,372Tax credit: -$55
• Rent: $2,688
• Food: $2,157
• Infant day care: $20,439
• Apparel: $337
• Transportation: $2,271
• Insurance: $2,372
• Tax credit: -$55
• Connecticut (#10)Rent: $3,072Food: $2,057Infant day care: $18,492Apparel: $325Transportation: $2,687Insurance: $3,041Tax credit: $0
• Rent: $3,072
• Food: $2,057
• Infant day care: $18,492
• Apparel: $325
• Transportation: $2,687
• Insurance: $3,041
• Tax credit: $0

Overall, the cost of raising a child in the U.S. continues to rise. The total cost from birth to age 18 now stands at $303,418, up 1.9% from last year.

18-year costs of raising a child

Dig deeper:

Projected 18-year costs in the Tri-State area:

• New Jersey (#5): $312,295
• Connecticut (#11): $293,728
• New York (#15): $278,051

Big picture view:

Despite the increase, the report found a slight dip in early childhood costs nationwide. 

Annual expenses for the first five years fell 0.3%, driven largely by a small decrease in day care costs.

Still, the overall trend points upward. 

Since 2023, the total cost of raising a child has risen nearly 28%, with increases in housing, transportation and insurance contributing to the growth.

The analysis is based on a two-earner household making the U.S. median income of $99,999 and includes expenses such as housing, food, child care, transportation and health insurance.