Hawaii and New York Named Worst States to Raise a Family on a Budget

New study identifies where Americans can most affordably --- and most expensively --- raise a family

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Nov 09, 2015, 07:15 ET

GOBankingRates Map Illustrates the Most Expensive and Cheapest States to Raise a Family

GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, MSN Money, Daily Finance, Huffington Post, Business Insider and many more. It also specializes in connecting consumers with the best banks, credit unions and interest rates nationwide.

LOS ANGELES, Nov. 9, 2015 /PRNewswire/ -- Hawaii and New York are the most expensive states to raise a family, while Tennessee and Utah are the cheapest, according to a new ranking released today by GOBankingRates.com.

To see the full survey findings, visit:
http://www.gobankingrates.com/personal-finance/10-cheapest-states-raise-family/

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-being¹:

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," said Cameron 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: California outshines 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.
- In California, 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 like New York, Georgia, and Indiana, which offer none of the above benefits.
Child Care Costs: New York ranks 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 in New York is $14,508 compared with Louisiana, the cheapest state for infant care, at $5,655.
Food and Homeownership Costs: When it comes to affordability for families, Tennessee comes 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*

¹For the full methodology, visit GOBankingRates.com.

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.

Contact:

Connie Lundegard, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x112

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SOURCE GOBankingRates