Having a child in 2024 can cost anywhere from $6,000 to $13,000 with insurance, according to Very Very Diapers. This estimate includes prenatal care, delivery, postnatal care, rent increase from a one-bedroom to a two-bedroom apartment, and the cost of annual child care. Alaska has the highest costs for giving birth, with a total of $13,244, while Alabama is the least expensive state at $6,191. Other expensive states include Florida, Wisconsin, and New Jersey, while the least expensive states include Rhode Island, Arkansas, and Nebraska.
For dual-income households in the U.S. that rely on hiring child care, costs can be even higher. A study from LendingTree found that sending two young children to full-time daycare is now 40% more expensive than the average rent across the nation’s 100 largest metros. The average monthly cost for full-time center-based child care for an infant and a 4-year-old is $2,182, which is 39.4% higher than the average monthly rent for a two-bedroom unit, at $1,566. In 91 out of the 100 largest U.S. metros, the cost of full-time center-based care for two children exceeds the monthly rent, with nine metros having child care costs that are double the cost of rent.
Overall, the cost of having a child includes not just the medical expenses related to prenatal care, delivery, and postnatal care, but also the impact on housing costs and the cost of child care. Different states have varying costs for giving birth, with Alaska being the most expensive and Alabama being the least expensive. For dual-income households, the cost of sending children to full-time daycare is significantly higher than the average rent in many cities across the U.S., with the cost of child care for two children exceeding rent costs in the majority of the 100 largest metros.
It is essential for families to carefully consider and plan for the costs associated with having a child, especially given the significant financial impact of prenatal care, delivery, and postnatal care, as well as the ongoing expenses related to housing and child care. Finding affordable options for child care and housing can help alleviate the financial burden on families, particularly for dual-income households that rely on child care services. By understanding the various costs involved in having a child and exploring potential cost-saving strategies, families can better prepare for the financial implications of raising children in the current economic landscape.
