- 67% of parents spend 20% or more of their household income on child care, up from 51% in 2022, according to an annual report by Care.com.
- To compare, the U.S. Department of Health and Human Services considers 7% of household income affordable for child care.
The cost of child care in the U.S. has been increasing, and many families spend more than what the government considers affordable.
Two-thirds of parents, 67%, spend 20% or more of their household income on child care, according to a recent report by Care.com that surveyed 3,000 U.S. parents. That’s up from 51% who reported spending that much in 2022.
While 79% of families anticipate spending more than $9,600 per child this year, many are spending significantly more. On average, families spend 27% of their household income on child care, which for 59% of parents surveyed means shelling out $18,000 a year per child, Care.com found.
For perspective, the U.S. Department of Health and Human Services considers 7% of income to be affordable for childcare.
“Child care is claiming a disproportionate amount of household incomes, and a decade of rising child care costs should be a wakeup call that the system as we know it completely fails the vast majority of families,” wrote Tim Allen, CEO of Care.com, in a statement.
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nbcnewyork.com