Recently, all of the buzz seems to be centered around the rising cost of college tuition, but a new study shows that child care is a pricey competitor.
Child Care Aware of America reports that child care is more expensive than college tuition in most states.
Parents in D.C., Maryland, or Virginia can expect to pay roughly $22,000, $13,000, and $10,000 per year on child care. In comparison, tuition at a public college in those areas costs about $8,500 annually.
The report also shows that families making the median income for those areas spend between 10.6 percent and 14.1 percent of their income on infant care via daycare center.
Contrary to public opinion, in-home daycare in D.C. and Maryland costs as much, if not more, than a daycare center, both of which cost more than a year of college tuition.
So, what’s the good news for parents? Child care prices decrease with age. Placing a four-year-old in daycare costs less than infant care, and a school-age child costs less than that.
For more information on American child care visit: http://childcareaware.org