Montana Ranked 4th Most Expensive State to Raise A Family
Montana was ranked as the fourth most expensive state to raise a family in a recent study conducted by a financial website. This certainly doesn't surprise this father of two in Montana, where the cost of living is so high while average income is so low. Here's the breakdown from GoBankingRates.com:
The rankings placed Montana among Hawaii, New York and New Mexico as the most expensive states to raise a family in. "GoBankingRates looked at the major financial factors that affect families, including paid family leave, median state incomes, and housing and food costs, ranking all 50 states on their affordability for families." Such factors in Montana, combined with our state's ranking as ninth lowest for average income, do not make it a financially favorable state to raise a family in. GoBankingRates added,
Montana has the ninth-lowest median income in the nation, with the typical household in this state bringing home just $43,924 a year. Yet the state's costs are closer to the middle of the pack than the low end, meaning Montana families are often paying more for food and housing than they can afford.
To find out more about their findings on Montana, as well as a full look at the study, visit gobankingrates.com/personal-finance/10-most-expensive-states-raise-family/