The cost of raising a child in the United States is going up, and families in Washington, D.C., Maryland, and Virginia are facing some of the highest expenses in the country, according to a new LendingTree study.
The latest data shows that the average annual costs associated with raising a child has risen to $29,419, up from $21,681 two years ago. This is a 35.7% increase since LendingTree last reported their findings in 2023.
Over 18 years, the costs add up to an average of $297,674, minus tax exemptions and credits.
High Costs of Raising a Child in the DMV by the numbers:
Maryland ranked fourth overall on the list with a total annual cost of $31,601. Washington, D.C. ranked ninth with a total yearly expense of $29,186. Virginia came in fourteenth with a total annual cost of $26,666.
Maryland also ranked among the top four states with the highest 18-year costs associated with raising a child, at $310,040. Virginia’s total 18-year costs came in at fourteenth on the list at $266,827. The District came in fiftieth overall at $194,108 in 18-year costs.
Click here to read the rest of the article written by Sam Kosmas over at Fox 5 DC
