Louisiana Is Ranked As One of the Most Affordable States to Raise a Child

Economic news for parents in Louisiana is good. But across the country, the cost of raising a child has hit a record high.

A new report from LendingTree says the national average for raising a child to age 18 has now topped the $300,000 mark for the first time ever. That's an average of $16,857 a year over 18 years.

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What Does It Cost to Raise a Child in Louisiana

If you look at the cost of raising a child to age 5, Louisiana is one of the most affordable states.

• Louisiana Annual Cost (Ages 0-5): $20,891

• Ranking: 46th most expensive (meaning it is the 6th least expensive state for infant and toddler care).

But if you look at raising a child to age 18, the costs go up in Louisiana. Louisiana ranks 31st in this category.

It costs $236,124 to raise a child to age 18 in Louisiana. Again, the national average is $303,418

Ranking: 31st most expensive state for getting a youngster to age 18.

Over the long term (18 years), Louisiana is in the middle of the pack (31st), but for the early years, it is one of the most affordable states in the country (46th).

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What Keeps the Costs Low in Louisiana?

The report says Louisiana currently has the 8th cheapest prices for infant care. But this  study still finds that Louisiana parents spend an average of 20.6% of their annual income on child-related expenses.

Top 10 Highest-Cost States to Raise a Child to Age 5

Hawaii: $40,342

Maryland: $36,419

Massachusetts: $34,247

California: $33,692

New York: $32,951

Vermont: $32,122

Colorado: $31,000

Washington: $30,854

New Jersey: $30,421

Connecticut: $30,112

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Top 10 Lowest-Cost States to Raise a Child to Age 5

Mississippi: $17,148

Alabama: $18,019

South Dakota: $18,622

Arkansas: $18,995

Kentucky: $19,250

West Virginia: $20,114

South Carolina: $20,887

Georgia: $21,118

Louisiana: $21,303

Oklahoma: $21,556