It's no surprise that as rent and the cost of living continues to rise that childcare fees are also going up. For many parents, the financial burden of childcare is a huge source of stress and severely impacts families where both parents work outside the home.
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Parents Spend Almost As Much Money On Daycare As Rent, According To Analysis
A recent analysis conducted in 2016 by Care.com and New America shows how much parents are paying these days.
Unsplash | Markus Spiske
Using data collected by US Census Bureau, a number of national associations, and a survey with parents conducted by Care.com, the report was able to paint a picture of childcare costs in America.
The average amount spent on childcare in daycare centers was $9,589 per year, which is higher than the average annual cost of in-state college tuition.
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To put it into perspective, a family earning the median household income in America needs to put about 18% of their income towards childcare for one child attending a daycare center.
This cost only goes up for families who use a nanny or in-home care. Those parents spend on average $28,353 per year on childcare alone.
When you factor in the cost of rent, these numbers seem even more staggering.
Unsplash | Markus Spiske
According to Apartment List, the average price of a two-bedroom apartment in America in 2019 is $1191 per month.
Depending on whether your child attends a center or has in-home care, and the number of children you have, your childcare fees could be on par with your rent.
These statistics just scratch the surface of the issues with the childcare system.
Unsplash | Jeniffer Araújo
The full report highlights other issues of concern such as childcare availability, the quality of the care, and the wages and rights of childcare workers. These figures also vary widely by state.
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