How much does it cost to raise a child in Florida?

Raising a child can be a daunting task — and one made much more difficult thanks to inflation making everything more expensive.

But just how much does it really cost?

In a report published earlier this month, LendingTree found that it takes around $200,000 to raise a child in Florida to the age of 18. According to LendingTree, the estimated annual cost for the state of Florida was pegged around $18,914.

Nationwide, the average annual cost of raising a child jumped nearly 20% between 2016 and 2021, rising from $18,167 to $21,681. These costs include things like child care, food, rent and other household expenses related to child-rearing.

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Among those costs, transportation saw the highest increase of over 270%, averaging around $6,000 in 2021, the report states.

Despite those high prices, Florida actually ranked fairly low nationwide for child-raising costs, sitting at No. 39.

Instead, states like Hawaii ($314,529), Alaska ($270,930) and Maryland ($259,149) topped the list of U.S. states for estimated child-rearing expenses.

In fact, the report explains that many southern states ranked toward the bottom of the list. Florida itself also ranks low for the portion of household income paid toward child-raising costs, with a figure of 18.5%.

“Ideally, you’d be able to keep child care costs to 10% or less of your total income,” LendingTree Chief Credit Analyst Matt Schulz said. “But that’s laughably unrealistic for millions of Americans.”

The report also includes suggestions for how parents can deal with child-raising costs.

• Rely on nearby close friends or family for child care if they’re available
• Secondhand stores and consignment shops can provide cheap clothes and furniture
• Save ahead of time to prepare for big future expenses
• Look into local, state and federal programs that may provide resources for families
• Reach out to local nonprofits, businesses and religious organizations that may provide resources for families
• Pick up a second job or side hustle (if time allows)
• Take a hard look at your budget to see whether any expenses can be cut

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