Best states for families on a budget
1. Tennessee 2. Utah 3. California 4. Virginia 5. Idaho 6. Iowa 7. South Dakota 8. Missouri 9. Nebraska 10. New Jersey Source: GOBankingRates study on costs of raising children, based in part on data from the Economic Policy Institute
Tennessee is the least expensive state in the country to raise a family, according to an analysis released today by the personal finance web site GOBankingRates.
Tennessee has the second lowest child care costs in the nation with infant care priced at $5,857 per year, or 37 percent less than the U.S. average. Housing and food are also relatively cheap. Tennessee families pay just under $200 less a month than the national median for rent, and the state's median home listing price is $30,000 lower than the national median. Food costs are 5 percent cheaper than the national average.
"Even with the state's underwhelming median income of just $42,785 and a lack of family leave, Tennessee still offers families low costs and affordable living," GOBankingRates said in the study released today.
The study compared costs like food, housing and child care in all 50 states.
Georgia ranked 19th and Alabama placed 25th in the state rankings.
"Raising a family can be expensive, regardless of where you live, but it can be especially challenging for families on a budget to make ends meet in certain states," said Cameron Huddleston, the life and money columnist at GOBankingRates. "It's important that they recognize the high cost of their decision to stay in those locales."