10 cheapest states to raise a family

  • Tom Wang/iStockphoto

    By Elyssa Kirkham/GOBankingRates

    Household finances are tricky for everyone, and the number-crunching is especially hard for families. But location also has a huge effect on families' costs and ability to meet them. A study from the left-leaning Economic Policy Institute, for instance, found that the average costs of a two-parent, two-child family could vary by as much as $57,000 each year from the cheapest community it surveyed (Morristown, Tenn.) to the most expensive (Washington, D.C.).

    While child-rearing costs vary greatly by city, there are also significant differences from state to state. Some states offer higher incomes, whereas others have low key costs like food, housing and child care. Some of the best states for families offer paid family leave, a crucial benefit that can help families fill the financial gaps in times of need.

    GOBankingRates looked at all of these factors to rank all 50 states.

    Click ahead for a look at the 10 cheapest states to raise a family, where households face the lowest costs while earning higher incomes.

    This article, 10 cheapest states to raise a family, was originally published on GOBankingRates.com.

    More from GOBankingRates:

    Editor's note: The methodology is available here.