Raising a child in IL to age 5 costs more than $100K, study finds. Here’s the breakdown

Raising a young child costs an average of $20,512 annually in Illinois, making it the 18th-most expensive state to do so in the country, according to a study from online lending marketplace LendingTree.

Missouri was the 27th-most expensive state to raise a young child, with an annual cost of $18,781.

The LendingTree ranking estimated the cost of raising a child under 5 years old who attends center-based infant day care. Costs included rent (the average difference in rent paid between households with no children and households with a child younger than 18 present) and food (the difference in typical spending between a two-person adult household and a two-person household with one child).

Also included in the estimate were apparel costs (based on girls’ clothing, as it tends to be more expensive), transportation, insurance premiums and any state tax exemption or credit for having a child.

‘It costs more than our mortgage.’ Metro-east families struggle to secure child care

LendingTree’s cost estimations did not include the price of extracurricular activities such as sports, music lessons or birthday parties.

The numbers given are state averages, and actual costs vary by specific region or metro. Raising a second or third child may be less expensive than the first, as a family may be able to reuse some items and make fewer purchases.

The 2021 LendingTree article cited data from the U.S. Census Bureau, U.S. Bureau of Labor Statistics, Child Care Aware of America and other organizations.

Here’s how child-raising costs in Illinois compared to the rest of the country, according to LendingTree.

According to LendingTree’s estimates, raising a child for their first five years of life (when kindergarten starts and day care costs typically decrease) costs an average of $102,560 in Illinois.

By far the largest cost burden on Illinois families and across the country is center-based infant child care, which runs an Illinois family an average of $13,762 per year. In St. Clair County, the average monthly price of full-time child care is $808 per child, or 17% of the median income for a family with a child under 6 years old.

The average cost for Illinois center-based infant care is $13k. How to get financial help

There is a child tax credit available for families in Illinois who fit income eligibility requirements, but the $3,600 credit for a child under 6 and $3,000 for children age 6 to 17 still leaves parents and guardians with a hefty bill.

Illinois families who meet income guidelines may be eligible for the Child Care Assistance Program, which offers a sliding-scale payment model for child care. If you need assistance finding a child care provider, you can call the Child Care Resource and Referral program at 1-800-548-5563.

Looking for quality child care in Illinois? Here’s some ways to vet day care facilities