Raising a child now costs over $300,000 in the U.S., study finds.

The cost of raising a child for 18 years has climbed to over $300,000, with an average annual expense of $16,857, according to a new estimate from LendingTree.

This figure does not include college costs, which could add another $152,000 to the total.

American families are feeling the financial strain of raising children, with many parents unprepared for the added expenses.

Location plays a significant role in child-rearing costs, with Hawaii being the most expensive state to raise a child. Despite some areas offering financial relief, the total cost of raising a child now rivals the median sales price of a home in the U.S.