WASHINGTON — Childcare costs are higher than ever and a new report shows how much of their income parents are paying.
Channel 2 Washington Correspondent Nicole D’Antonio spoke to a Bankrate analyst about how parents are navigating rising costs across the United States.
Researchers say childcare is one of the largest expenses for families, regardless of where they live.
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The Bankrate report analyzed the average cost for childcare at full-time infant centers and found that affordability is an issue in many states.
“This is a widespread issue across the country, of course [there are] some states where infant care is going to be a little bit more affordable or a little bit more expensive, but it is impacting families across the country,” Alex Gailey, Bankrate, said.
Data collected from Childcare Aware of America showed the cost of full-time care for one infant in the U.S. was more than $14,000 last year.
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In Georgia, the Bankrate report showed that a typical family is spending 12% of their income on infant care, on average.
Channel 2 Action News previously reported that the cost of childcare in Georgia ranged between $8,000 and $11,000.
Experts say staffing costs and the high staff-to-child ratio add to the high cost.
“It’s a supply and demand issue. There’s a lot of demand there’s not enough supply and so a lot of these daycares have long waitlists, they don’t have enough staff and their staff is getting paid poorly as well so there’s a lot of issues on the supply side,” Gailey told Channel 2 Action News.
In some states, like New York, Massachusetts and Washington, childcare can take up as much as 20% of a family’s yearly income, while in states like South and North Dakota, and Utah, infant care is more affordable.
To help manage the costs of childcare, experts say to compare care options in your area and to get multiple quotes from different providers to make sure the price is within your budget.
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