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According to a new report: child support Bankrate research shows that full-time care for an infant in a center costs at least 10% of a family's median annual income in nearly every state.
Childcare has become one of the world's biggest expenses household budget Bankrate research shows that by 2023, infant child care costs will exceed 10% of median household income in 48 states and the District of Columbia; Exceeds.
“Child care is a huge expense for families no matter where they live in the country,” said Bankrate analyst Alex Gailey. “This makes budgeting and household financial planning all the more important. In addition to careful budgeting and tracking monthly expenses, families can also contact their county or state office to inquire about family services and find out what services are available. You need to know what tax breaks and financing opportunities are available to you. “
New Mexico was the most affordable state for infant child care, costing 20.5 percent of median household income, or about $13,521 a year out of $65,952 in income. The states with the most affordable infant care were Hawaii (20.1%), followed by New York (19.6%), California (18.7%), and Massachusetts (18.4%). bank rate research.
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According to Bankrate research, the cost of full-time infant care at centers exceeds 10 percent of median household income in 48 states plus the District of Columbia. (Photo by Anne Cusack/Los Angeles Times via Getty Images/Getty Images)
“Despite New Mexico being ranked No. 1 as the most affordable state, we are one of the few states that is making child care more accessible to families through policy reform,” Gary said. he pointed out, referring to the expansion of child care subsidy programs. .
The most affordable states for infant child care are: south dakota (8.7% of median household income), North Dakota (9.8%), Utah (10.3%), Idaho (10.9%), and South Carolina (11.2%).
Despite relatively affordable child care in these states, the ReadyNation report found that each of these four states, with the exception of North Dakota, has difficulty finding child care that fits their budgetary needs. The study points out that there is a concentration of “childcare deserts” where childcare is difficult. .
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On average, childcare costs are second only to housing costs as the most expensive budget item for households. (license/image)
According to Bankrate analysis: day care and kindergarten Since the beginning of 1991, it has risen 1.59 times faster than the overall inflation rate.
Compared to other common household expenses, caring for an infant costs an average of $14,070, which is more than the household's annual food ($9,985), medical ($6,159), and transportation ($13,174) expenses. It's more expensive than the average annual budget.
The only budget items that cost households more, on average, than childcare are: Housing coststhe average annual cost is $25,436.
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