Families Save Thousands of Dollars Compared to Other Major U.S. Metropolises

Houston, Texas, the fourth largest city in the United States, brings a pleasant surprise as it ranks 13th most affordable place to raise a child, according to a recent SmartAsset study that looked at child care costs children in 50 countries. largest metropolises in the United States. This study, which proposes relevant measures, offers reassuring perspectives to families considering their financial future.

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As any parent knows, raising a child involves significant expenses, including childcare and additional housing. The SmartAsset study finds that in Houston, the annual cost of raising a child is about $21,000, of which $10,000 goes toward child care and about $2,600 toward additional housing. Despite these costs, Houston remains significantly below the national average of $25,181 per year to raise a child in a major U.S. metropolis.

Unlike Houston, the Boston area is the most expensive place to raise a child, with costs reaching nearly $38,000 per year. The 10 most expensive places, which include Seattle, Los Angeles, New York and Denver, all cost more than $30,000 a year to raise a child, ranging from $14,500 to $25,000 per child for child care alone. of children.

SmartAsset’s study used MIT’s Living Wage Calculator to identify the various costs of raising children, including medical costs, transportation, food, and more. She compared the living costs of a household with two working adults and one child to a household with no children and two children. working adults to estimate these costs more accurately.

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Houston’s affordability goes beyond just lower costs for child care and housing. The city benefits from a robust economy with diverse employment opportunities that can support growing family incomes. As one of the fastest growing cities in the United States, Houston offers a rich quality of life with a myriad of recreational activities and new places to explore.

Despite its affordability and economic location, a study by WalletHub ranked Houston 145th out of 182 among the best places to raise a family in the United States. This ranking included factors such as family fun, health and safety, education and childcare, affordability and socio-economic level. economic rank.

For families looking for the best place to raise their children while managing costs, consider the following tips:

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• Budget carefully: Create a detailed budget to effectively track all child-related expenses.

• Use community resources: Take advantage of low-cost or free community resources, programs and events to reduce costs.

• Talk to a financial advisor: Consulting a financial advisor can help you better understand your finances as you plan for the future.

Although Houston is affordable to raise a child, thorough financial planning and tapping into community resources can provide even greater benefits if you decide to live there.

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This article New Study Surprises Many as Houston Ranks Among Best Cities for Affordable Raising Children: Families Save Thousands of Dollars Compared to Other Major U.S. Metropolises originally appeared on Benzinga.com

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