The cost of child care has been one of the main issues in the 2024 presidential race. The cost has increased so much that it is now 25% more expensive than rent.
Child care costs vary widely depending on where you live in the United States. Nationally, care for one child costs between $4,810 to $15,417 a year. That was in 2018.
When adjusted and expressed in 2022 dollars, the cost of care for one child ranges from $5,357 to $17,171, according to the latest data available from the US Department of Labor's Women's Bureau.
The cost also changes depending on the child's age. Infants' care is the most expensive, with parents paying between $8,310 to $17,171 annually. The range falls to $7,529 to $13,500 for toddlers; $6,949 to $12,307 for preschoolers; and $5,890 to $10,245 for school-aged children.
How Much of Their Income Do Parents Spend on Childcare?
According to the same estimates from the Department of Labor, the median cost of child care in 2018 accounted for 8.0% to 19.3% of the median household income at the time.
However, a 2024 Cost of Care report from Care.com found that 60% of American households spend 24% of their income on child care. On average, weekly child care costs included $766 for nannies, $321 for daycare, $230 for family care centers, and $192 for babysitters.
How Did Parents Afford Child Care?
To afford child care, 42% of parents said they had to use nearly half of their savings, while 25% used more than two-thirds. At least 68% of respondents also said their savings could only cover six months or less of child care.
Furthermore, 34% of parents surveyed said they had to turn to family and friends to help manage the cost of child care, while 28% said they had to work multiple jobs. At least 19% have gone into debt to afford child care.
With the election approaching, 88% of parents said they would likely base their vote on a candidate's position on child care policies and their plans to fix the soaring cost of child care, the survey noted.
