Vermont Business Magazine Vermont is one of the least expensive places to raise a family, placing 15th among all states, according national financial firm. New Hampshire was next best in New England at 20th. Meanwhile, Hawaii andNew Yorkare themost expensive states to raise a family, whileTennesseeandUtahare the cheapest, according to a new ranking released today by GOBankingRates.com.The leading personal finance website reports on the impact geography has on costs associated with raising a family and scores each state on factors that most contribute to a family's financial well-being:
- Median income
- State parental leave policies
- Food costs
- Housing costs
- Child care costs
"Raising a family can be expensive, regardless of where you live, but it can be especially challenging for families on a budget to make ends meet in certain states," saidCameron Huddleston, Life + Money Columnist at GOBankingRates. "It's important that they recognize the high cost of their decision to stay in those locales."
Additional insights include:
- Parental Leave Programs:Californiaoutshines the rest of the nation with the most favorable parental leave policies, making it the No. 3 overall best state for families to raise kids on a budget.
- InCalifornia, parents are offered 40 hours of parental leave for kids' education-related activities, 6 weeks of paid family leave and 28 weeks of unpaid leave. Compare that with states likeNew York,Georgia, andIndiana, which offer none of the above benefits.
- Child Care Costs:New Yorkranks as the second overall worst state for families, largely due to scoring dead last with the most expensive child care costs.
- The average annual cost of infant care inNew Yorkis$14,508compared withLouisiana, the cheapest state for infant care, at$5,655.
- Food and Homeownership Costs:When it comes to affordability for families,Tennesseecomes out on top due to its low costs for the biggest budget items like food, home and child care expenses.
Full Rankings: Best and Worst States for Families on a Budget
|
1 |
Tennessee |
18 |
Ohio |
35 |
Arizona |
|
2 |
Utah |
19 |
Georgia |
36 |
Minnesota |
|
3 |
California |
20 |
New Hampshire |
37 |
Illinois |
|
4 |
Virginia |
21 |
Mississippi |
38 |
North Carolina |
|
5 |
Idaho |
22 |
Kentucky |
39 |
Delaware |
|
6 |
Iowa |
23 |
Arkansas |
40 |
Maine |
|
7 |
South Dakota |
24 |
Wyoming |
41 |
Florida |
|
8 |
Missouri |
25 |
Alabama |
42 |
Connecticut |
|
9 |
Nebraska |
26 |
Colorado |
43 |
Oregon |
|
10 |
New Jersey |
27 |
Washington |
44 |
Massachusetts |
|
11 |
Michigan |
28 |
North Dakota |
45 |
Nevada |
|
12 |
Oklahoma |
29 |
Maryland |
46 |
Alaska |
|
13 |
Texas |
30 |
Wisconsin |
47 |
Montana |
|
14 |
Indiana |
31 |
South Carolina |
48 |
New Mexico |
|
15 |
Vermont |
32 |
West Virginia |
49 |
New York |
|
16 |
Louisiana |
33 |
Pennsylvania |
50 |
Hawaii |
|
17 |
Kansas |
34 |
Rhode Island |
Source: GOBankingRates |
|
Source: LOS ANGELES,Nov. 9, 2015/PRNewswire/ --GOBankingRates.com.www.gobankingrates.com/personal-finance/10-cheapest-states-raise-family/
About GOBankingRates
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.