Cost of raising a child from birth to age 18 rises 36% since 2023

TUCSON, Ariz. (KGUN) — Raising a child in the U.S. now costs nearly $300,000, according to a new LendingTree study—and that has some families questioning whether a proposed $5,000 “baby bonus” from the Trump campaign would make much of a difference.

The study, which calculated the cost of raising a child from birth to age 18, shows an average total of $297,674. That’s a 36% increase since the company’s 2023 report. The jump reflects rising expenses in categories like child care, housing, food and health insurance.

In Arizona, the average cost of raising a child is now $24,354 per year, placing it 20th nationwide. The state also ranks 21st in average daycare costs—roughly $14,040 annually.

Childcare is the biggest expense for those raising families.

For Patricia McCoy, a CPA in Tucson and mother of two, the numbers are all too real.

“Childcare… that impacted my bottom line, our finances,” McCoy said. “We just got to work a little bit more. But we’re going to grit our teeth and get through it.”

McCoy, who has worked as an accountant for a decade and became a parent in the last five years, said her financial planning skills may have given her a leg up—but that’s not the case for many.

She believes government credits—like the child tax credit—help, but don’t go far enough.

“It’s about $2,000 per kid per year, which is helpful. But it’s still not close to eating up the annual cost of having a kid,” she said.

As for the Trump-backed proposal of a one-time $5,000 payment to new parents, McCoy says it might make a temporary difference for some, but doesn’t come close to addressing the long-term financial burden of raising children.

For Coleen Krogen, a Tucson grandmother, the challenge isn’t hypothetical. Her son, daughter-in-law and their three kids have lived with her for nearly two years while they build their own home. She helps care for the children while the parents work.

“We like being able to help. My parents helped out tremendously, I was a single parent," she said. "I couldn’t have been as successful as I am today without them doing that. So if we can help Dylan and Whitney get off to a better start, it’s everything we want to be able to do for them."

Both women agree that despite the sacrifices and costs, raising children is worth it—but they also believe meaningful change needs to come from better public policy and family-focused financial support.