Daycare Now Costs More Than College
As if being a parent isn’t tough enough, a new report by the Economic Policy Insitute suggests new moms and dads could have a fresh challenge on their hands: affording daycare. According to The Cut, childcare in some states now costs more than a college education (eek).
Researchers compared the cost of tuition at a four-year in-state college with the price of full-time daycare for a 4-year-old child. In worrying news for expecting parents, childcare cost more than college tuition fees in 23 out of 50 states.
If you’re planning to move out of state, the study offers some great insights into the best (and worst) places for new families to live. Massachusetts topped the list as the least affordable state, with childcare totaling $12,781, compared to $10,702 for college fees. Florida also made it onto the blacklist and had the largest cost disparity.
Considering having a baby? The results of childcare varied dramatically by location, so it might be worth checking the study to see how your state compares.