Children: They’re expensive when they’re young, and they’re expensive when they’re older.
CNN Money, citing a new report from the think tank New America, found that full-time daycare for kids up to four years old now costs an average of $9,589 per year. For comparison, in-state college tuition costs an average of $9,410.
Parents that earn the median household income of $53,000 would have to spend 18 percent of their earnings on childcare.
The younger your child, the higher your bill. Infant care costs about 12% more than toddler care. It ranges from a low of $6,590 a year in Arkansas, or 15% of median state income; to a high of $16,682 in Massachusetts, or about 25% of median income there. And, of course, the lower your income, the higher your level of stress over footing the bill. Minimum wage workers, on average, will have to fork over nearly two-thirds of their pay for child care.