Despite the overall pace of inflation easing year over year in the U.S., the price of housing and raising kids continues to soar – and child care costs now exceed rent in many parts of the country.
A new study from LendingTree found the cost of sending two young children to full-time daycare is now 40% more expensive than the average rent across the nation’s 100 largest metros.
The analysis of Child Care Aware of America and Bureau of Labor Statistics (BLS) data determined that the average monthly cost of full-time center-based child care for an infant and a 4-year-old across the 100 largest U.S. metros is $2,182 – 39.4% higher than the average monthly cost to rent a two-bedroom unit, which is $1,566.
To break it down, the average monthly child care cost for one infant is $1,218, which is just 22.2% less expensive than renting a two-bedroom place.
In 91 of the 100 largest U.S. metros, the average monthly cost of full-time center-based care for two children exceeds the monthly rent, LendingTree found. In nine of those major metros, child care costs are double rent costs.
“On their own, paying for rent or childcare costs can be extremely challenging. When combined, they’re even more of a hassle. Unfortunately, as both are often necessities, they’re expenses that can’t easily be avoided,” LendingTree’s senior economist, Jacob Channel, told FOX Business.
Read full story at Fox Business.
