The Cost of Raising Kids in the 20 Wealthiest US Cities in 2024

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Raising children in the United States has become astronomically expensive. According to the Institute for Family Studies, which cited data from the U.S. Department of Agriculture, a middle-income family of four can anticipate paying $233,610 per child from birth to age 18. This number climbs to $310,605 when calculated using an adjusted inflation rate for 2022 of 4%.

But how much you’ll have to pay depends on where you live. If you live in a wealthy city, where cost of living is steep, you’ll likely spend more to raise a family.

In a new study, GOBankingRates analyzed the wealthiest cities in the U.S to find the cost of raising children in the 20 most affluent metros.

You can also check out the 30 safest and richest cities to live in the U.S. this year.

20. Glen Head, New York

• Livability: 74 
• Average single home value: $1,240,979 
• Household mean income: $204,425 
• Total cost of living, annually, with kids: $128,003 
• Total annual cost to raise a child: $7,731

19. Merrick, New York 

• Livability: 80 
• Average single home value: $808,070 
• Household mean income: $207,745 
• Total cost of living, annually, with kids: $99,052 
• Total annual cost to raise a child: $7,750 

18. Plainview, New York 

• Livability: 85 
• Average single home value: $895,395 
• Household mean income: $208,491 
• Total cost of living, annually, with kids: $104,878 
• Total annual cost to raise a child: $7,742 

17. Woodmere, New York 

• Livability: 82
• Average single home value: $1,197,316 
• Household mean income: $213,067 
• Total cost of living, annually, with kids: $125,705 
• Total annual cost to raise a child: $7,866 

16. North Bellmore, New York 

• Livability: 77
• Average single home value: $748,532 
• Household mean income: $217,295 
• Total cost of living, annually, with kids: $94,707 
• Total annual cost to raise a child: $7,672 

15. Syosset, New York 

• Livability: 77
• Average single home value: $1,026,373 
• Household mean income: $223,508 
• Total cost of living, annually, with kids: $113,889 
• Total annual cost to raise a child: $7,794 

14. Pomona, New York 

• Livability: 63
• Average single home value: $815,248 
• Household mean income: $225,254 
• Total cost of living, annually, with kids: $98,447 
• Total annual cost to raise a child: $7,552 

13. Jericho, New York 

• Livability: 77
• Average single home value: $1,180,712 
• Household mean income: $239,626 
• Total cost of living, annually, with kids: $124,059 
• Total annual cost to raise a child: $7,751 

12. Port Washington, New York 

• Livability: 79
• Average single home value: $1,194,112 
• Household mean income: $246,543 
• Total cost of living, annually, with kids: $125,373 
• Total annual cost to raise a child: $7,847 

11. Roslyn Heights, New York

• Livability: 81
• Average single home value: $1,143,811 
• Household mean income: $254,278 
• Total cost of living, annually, with kids: $122,530 
• Total annual cost to raise a child: $7,964 

10. Manhasset, New York 

• Livability: 82
• Average single home value: $2,035,848 
• Household mean income: $256,600 
• Total cost of living, annually, with kids: $181,854 
• Total annual cost to raise a child: $7,845 

9. East Norwich, New York 

• Livability: 66
• Average single home value: $885,728 
• Household mean income: $258,343 
• Total cost of living, annually, with kids: $104,725 
• Total annual cost to raise a child: $7,855 

8. Wesley Hills, New York 

• Livability: 58
• Average single home value: $1,030,789 
• Household mean income: $258,519 
• Total cost of living, annually, with kids: $113,393 
• Total annual cost to raise a child: $7,656 

7. East Williston, New York 

• Livability: 82
• Average single home value: $1,287,315 
• Household mean income: $260,667 
• Total cost of living, annually, with kids: $130,869 
• Total annual cost to raise a child: $7,670 

6. Garden City, New York 

• Livability: 84
• Average single home value: $1,248,489 
• Household mean income: $279,539 
• Total cost of living, annually, with kids: $128,773  
• Total annual cost to raise a child: $7,789 

5. Sea Cliff, New York 

• Livability: 79
• Average single home value: $1,003,845 
• Household mean income: $285,818 
• Total cost of living, annually, with kids: $111,607 
• Total annual cost to raise a child: $7,626 

4. Muttontown, New York 

• Livability: 56
• Average single home value: $2,084,568 
• Household mean income: $359,201 
• Total cost of living, annually, with kids: $185,759 
• Total annual cost to raise a child: $7,961 

3. East Hills, New York 

• Livability: 77
• Average single home value: $1,654,507 
• Household mean income: $391,360 
• Total cost of living, annually, with kids: $156,530 
• Total annual cost to raise a child: $7,898 

2. Old Westbury, New York 

• Livability: 64
• Average single home value: $2,594,910 
• Household mean income: $456,581 
• Total cost of living, annually, with kids: $218,623 
• Total annual cost to raise a child: $7,676 

1. Sands Point, New York 

• Livability: 73
• Average single home value: $2,991,405 
• Household mean income: $481,979 
• Total cost of living, annually, with kids: $247,425 
• Total annual cost to raise a child: $8,123 

Methodology: For this study, GOBankingRates analyzed the wealthiest cities in the United States to find the cost of raising children. First, GOBankingRates found the wealthiest cities by finding the household mean income as sourced from the U.S. Census American Community Survey. The cities with a household mean income of $250,000 and more were kept for this study, representing the wealthiest cities in the United States. The cities had to have all data points available and have a population of at least 2,500 people. A number of factors were found, including: total population, total households, median household income and mean household income, all sourced from the U.S. Census American Community Survey. For each city, the average expenditure costs can be calculated using the national average expenditure costs for a couple with children and for a couple without children. The average single family home value was found using the Zillow Home Value Index and by assuming a 10% down payment, and using the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs, the average cost of living can be calculated. The difference in expenditure costs between a couple without children and a couple with children can be calculated to represent the additional costs a couple take on when having children versus not having children. The cities are sorted to show the highest mean household income first, representing the wealthiest cities. All data was collected on and is up to date as of Sept. 6, 2024.

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