Via Shutterstock.
Though the national average cost to raise a kid born in 2013 is $245,340, that number is much higher for Washingtonians. $342,552, actually. Yeesh.
In light of the U.S. Department of Agriculture’s Expenditures on Children and Families report, which was released earlier this week, NerdWallet took their research a bit farther and broke down what it cost to raise a child born in 2013 in different cities in the U.S. According to NerdWallet, “where you live can have a major impact on the bottom line of parenting.” For example, housing “constitutes 30 [percent] of the total costs calculated by the USDA. Education and daycare costs, which added up to only 2% of family income in 1960, now take a whopping 18 [percent] of the average family’s income and can also vary widely by geography.” The fact is, the cost of living varies city by city, which makes the USDA’s data vary, depending on where you live.
To find these numbers, NerdWallet adjusted the $245,340 determined by the USDA for the cost of living in each city using the cost of living index from the Council for Community and Economic Research. To no one’s surprise, the most expensive place to raise a kid born last year is New York—Manhattan, specifically—where it cost about $540,514. In D.C., that number is significantly lower—$342,552—but still damn high. The other most expensive cities include Honolulu, San Francisco, Brooklyn (in New York), Hilo, Hawaii, San Jose, and Orange County.
You can see the full data below:
Via NerdWallet.