Used to be parents saved their pennies to send their kids to college. Now it's hard for them to even save a dime when they're paying sky-high prices for child care.
A new report says that the cost of child care has skyrocketed across the nation--so much that in the majority of states it has surpassed the price of tuition at a four-year public college.
The survey conducted in January by the National Association of Child Care Resource & Referral Agencies also revealed that since 2000 the cost of child care has increased twice as fast as the median income of families with children. In 25 states, the increase in the cost of infant care in a center far exceeded the rate of inflation. The average increase among all states in the cost of care for a 4-year-old in a center exceeded the rate of inflation.
What's more, the average center-based child care fees for an infant surpassed the average annual amount that families spent on food in every region of the United States. Monthly child care fees for two children at any age were more than the median monthly rent cost, and were nearly as high, or even higher than, the average monthly mortgage payment in every state.
The average cost of full-time child care for an infant in a center in 2009 ranged from more than $4,550 in Mississippi to more than $18,750 in Massachusetts. New York, Minnesota, Wisconsin, and Massachusetts (where the cost of infant care was as high as 18.1 percent of family income) were among the least affordable states.
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