Wyoming Sees Largest Increase in Cost of Raising Children

Wyoming parents are experiencing the biggest increase in child-rearing costs of any state, with expenses rising 47% over the past two years, according to a new report from LendingTree.

The report found that the cost of raising a child in Wyoming now totals nearly $293,000 over 18 years—ranking sixth highest in the nation.

Matt Schulz, a consumer finance analyst with LendingTree, explained that Wyoming’s largest cost increases stem from housing, transportation, and childcare.

• Childcare Accessibility: Much of Wyoming is considered a childcare desert, meaning many parents must travel long distances to find available services. This adds to both time and transportation expenses.

• Rising Cost of Essentials: Families are also feeling the impact of inflation on food, clothing, and nursery equipment, expenses that cannot be avoided.

• Housing and Transportation: Increases in rent and commuting costs have further strained household budgets.

Schulz recommends that families review and adjust their budgets to account for rising costs. Some practical strategies include:

• Buying secondhand: Opting for used children’s clothing and nursery items can help cut expenses.

• Saving strategically: Utilizing a high-yield savings account can provide better returns for future needs.

• Managing debt: Families carrying high-interest credit card debt may benefit from a 0% balance transfer card or a personal loan to reduce financial strain.

• Building an emergency fund: Having savings set aside can help parents navigate unexpected expenses.

“If you’re trying to raise a kid and anticipate all of the emergencies and quirky stuff that happens as a parent, having that emergency fund is so important,” Schulz emphasized.

With costs continuing to rise, Wyoming families are facing tough financial decisions, but proactive budgeting and financial planning may help ease the burden.

With input from Wyoming Public Media.