Child Care Costs 2016: Why Having A Child Is More Expensive Than Going To College And Paying For Rent
It is a given fact that child care is literally expensive. However, a collaborative study from Care.com and the public policy institute New America reveals that child care in the United States is officially more costly than in-state college tuition.
Based on the findings from Care.com Care Index, child care costs more than college tuition, where parents need to spend almost 53 percent ($28,353) of the U.S. median household income annually if they hire a fulltime nanny. The recorded cost is three times the average cost of an in-state college tuition.
Aside from college tuition, child care costs are also almost the same amount as people's rent. As per Care.com's findings, the cost of a full child care at child care centers takes 85 percent of the U.S. median cost of rent.
Meanwhile, the study, which provides a state-by-state ranking on child care nationwide based on three major categories - affordability, quality and availability - also highlighted the fact that not a single state in America registered well in all of the categories Care.com used to measure the Care Index score. But Massachusetts had been ranked as the state with the best availability.
Hawaii, on the other hand, had the best child care quality and North Dakota had the best cost. Unfortunately, Alaska had been named as the worst availability while West Virginia had the worst quality and cost.
Due to the findings, CNN Money reported that making child care more affordable has also been highlighted during the 2016 U.S. Presidential Election campaigns. The publication even added that both presidential nominees Donald Trump and Hillary Clinton have announced their proposals to solve the issue.
U.S. child care costs, however, are not the only ones that are hitting the roof. According to Daily Mail, child care in the United Kingdom is the most expensive in the world as families spend more than 33 percent (one third) of their income on nannies or childminders and nurseries.
In the U.K., parents have to spend an average of £11,300 annually on child care. In addition, BBC News also revealed that child care costs in the U.K. have struck mortgage applicants.
To all parents out there, what are your thoughts on the increasing child care costs worldwide? Feel free to share your comments below and follow Parent Herald for more news and updates.
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