A new LendingTree study shows the cost of raising 2 children from birth to age 18 now averages $16,857 annually, reaching a grand total of $303,418 after tax exemptions and credits.
“It’s the first time since we’ve done the report that the number topped $300k,” Matt Schulz said.
The study ranked states from most to least expensive for raising children. Oklahoma ranks 43rd, making it one of the more affordable states.
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“Raising a kid isn’t cheap anywhere, but Oklahoma relatively is a bit of a bargain when compared to the rest of the country. Over 18 years, we’re talking about about $241,000 compared to the national average of about $300,000, and that difference is obviously really, really significant,” Schulz said.
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Joseph Brown, a father of 5, recently moved his family to Tulsa to cope with rising costs. He gives his 3 preschoolers a no-cost trip to the park to run off energy while his 2 older daughters are in school. His children range in age from 1 to 9.
“My oldest is 9,” Brown said.
“From clothes to diapers to shoes to food, it never ends. So you definitely need two or more incomes now to raise kids,” Brown said.
For Brown, the lower cost of living made moving to Tulsa a wise financial choice.
“The cost of living in Vegas is starting to shoot up. So, with the cost rising out west, we started looking to relocate. Tulsa was the move,” Brown said.
The LendingTree report did find one bright spot in the cost of raising children this year: daycare expenses have dipped slightly.
To see its full analysis, click here.
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