The cost of raising a child just jumped again
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
They say it takes a village to raise a child, but it's also costing more money.
Why it matters: The increased cost of raising a child puts additional pressure on family budgets at a time when housing, child care, health care and other everyday essentials already cost more.
By the numbers: Families in Cleveland saw a 6.7% increase in the cost of raising a child from 2025 to 2026, according to data from financial technology company SmartAsset.
- A two-parent household in the Cleveland metro will pay $27,771 per year to raise a single child in 2026, up from $26,027 in 2025 and $24,007 in 2024.
What they did: SmartAsset used data from MIT's Living Wage Calculator to compare costs for a family with two working adults and one child to a childless household with two working adults.
- Costs include "basic needs" such as food, housing, transportation, health care and child care.
The big picture: Cleveland ranked 19th out of 48 metros included in the study.
- The cost increased year over year in all but two metros: Richmond, Virginia, and the Virginia Beach-Chesapeake-Norfolk area.
San Francisco is the most expensive metro area to raise a child at $43,171, while Memphis is the least expensive at $19,922.
- Indianapolis saw the largest spike in child-raising costs with an increase of nearly 21% year-over-year.
💠Troy's thought bubble: I have three sons and can't wrap my head around how much money it costs to maintain a healthy lifestyle for them.
- The study doesn't even consider things like schooling, toys, haircuts, unforeseen health issues and so much more.