For some families, child care costs more than rent, study finds
LendingTree: The cost of childcare has risen 35.3 percent since 2019
(InvestigateTV) — A new LendingTree analysis found child care for two kids now costs more than rent in 85 of the 100 largest U.S. metros.
Matt Schulz with LendingTree said that’s a major challenge for families who are already stretched thin by making ends meet and putting food on the table.
“It’s causing people to make sacrifices because in a lot of cases, you may have one parent who wants to go back to work, and build their career, and have that sort of outlet,” Schulz said. “But a lot of times, when you go back to that job, all you’re essentially doing in that job is putting all that money towards childcare.”
LendingTree found the average monthly cost of full-time center-based child care for two children across the 100 largest metros is $2,252.
Schulz said there’s really nowhere in this country where childcare is inexpensive – it’s something that young parents need to be prepared for and also start to save for, almost right away.
“The sooner you can start saving for the cost of childcare, the better off you’ll be,” he noted. “Obviously, that’s way easier said than done. It’s not like we all have a ton of expendable income to throw into savings, but the more you can save in advance, the better off you’ll be.”
Schulz shared several tips for parents:
- When saving for future childcare, take advantage of a high-yield savings account.
- Shop around for childcare and price out several facilities that will help.
- Look at the childcare center’s history, safety records, and check reviews from other parents.
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