From diapers to food to educational toys, children require a lot of everyday necessities that over time can become incredibly costly. Another thing that’s costing parents an arm and a leg? Childcare. Yahoo is reporting on a new study, compiled by the Washington-based Economic Policy Institute, that shows the cost of childcare now exceeds rent in many areas in the United States. “A booming population of millennials, now entering prime child-bearing years, has added to demand for daycare that's outpacing supply. That's pushing those childcare costs up faster than overall inflation,” the article states.
The overall cost of daycares and childcare have surged 168% since 1990. It’s costing so much that it not only exceeds the average family’s monthly rent payment but also costs more than college tuition. “Residents in 33 states and Washington, D.C. pay more for infant care than for the average in-state college tuition at a public, four-year institution.” Parents of infants are younger than parents of children in college, so they are earlier in their careers and, on average, have smaller incomes. I have several friends who have chosen to stay at home with their infants because childcare is simply too costly, so this news, while shocking, is pretty realistic.
Looking to entertain your small toddler? This Animal Planet Learning Center ($112) will do the trick.
Do you have kids? How much do you pay for childcare?