BELOW SUPERNAV drop zone ⇩

Child care in US is unaffordable, costs continue to rise

  • With rising costs, providers have to raise prices or close their doors
  • Report: U.S. families are paying 30% more for child care than in 2019
  • Expert: "They're basically punished for starting a family"

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

ovp test

mLife Diagnostics LLC: Oral Fluid Drug Testing

Male shot by female at Shreveport apartment

Class to create biodiverse backyard

Rules for outbursts at Caddo School Board Meeting

Testing widget old system

Lorenzo shared

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

CHICAGO (NewsNation) — It has been a month since billions in federal child care relief expired, and the situation is getting tougher each day for parents and providers.

Child care costs are skyrocketing, leaving providers with no choice but to raise their prices or close their doors.

The situation is putting a huge strain on parents who have already been struggling to afford child care, forcing some to quit their jobs.

“For my two boys, it’s about $3,000 a month,” Julia Foley, a mother of two, said.

Foley said it costs her family about $36,000 a year to send her children to day care.

“I would literally be working just for child care,” Foley said.

She is in the same predicament as thousands of parents across the nation: Either give up your career, try to find a job where you can work from home or forget having a family altogether.

The Biden administration has already requested an additional $16 billion in new child care relief, but Congress has yet to sign off on it.

New data from the Bank of America Institute revealed that families in the U.S. are paying over 30% more for child care than in 2019.

The national average spent on child care has increased more than 30% since 2019, according to new data from the Bank of America Institute. (Credit: NewsNation)

Carly Adames, an early childhood consultant, said if a family decides to have a second child, and both those kids are under 5 years old, it’ll cost the parents anywhere between $4,000 to $5,000 a month just for the two children enrolled in preschool and child care.

“They’re basically punished for starting a family,” Adames said.

The loss of federal funding is not only putting a strain on parents but also on child care companies, too.

The Century Foundation projected that the end of federal relief could influence the closure of 70,000 child care providers, affecting more than three million children.

“You really have to think about child care as a piece of critical infrastructure. It’s even more important than roads and bridges in terms of getting parents to work,” Alicia Modestino, an associate professor at Northeastern University, said.

Some parents are searching for remote jobs that allow them to earn extra income while they take care of their kids.

However, these jobs often fall short of their needs.

“The longer-term impacts for us are really that people are not being able to reach their full potential,” Modestino said. “Folks are not going to be able to put their skills, time and talents to work to be doing the kinds of things that they’d be most productive at.”

As states await news on whether Congress will provide additional federal funding, some states — like Alaska and Vermont — have taken matters into their own hands by offering additional funds for child care.

In other states, like Minnesota, more than a billion dollars has been approved for child care relief funds.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Cloudy

la

63°F Cloudy Feels like 63°
Wind
0 mph ESE
Humidity
85%
Sunrise
Sunset

Tonight

Cloudy skies. Low 62F. Winds light and variable.
62°F Cloudy skies. Low 62F. Winds light and variable.
Wind
2 mph E
Precip
3%
Sunset
Moon Phase
Waning Gibbous