Child Care Costs Crush Families, Dropping Birth Rates
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
LendingTrees new study uncovers the staggering cost of child care for two kids, averaging $28,190 annually. Families need $402,708 to cover it comfortably, but the average household with two kids earns only $145,656, leaving them over $257,000 short. Racial disparities exacerbate the issue, with American Indian and Black families needing over three times their current incomes. Parents are cutting back on retirement savings, debt payoff, and emergency funds, contributing to record-low birth rates. State by state, the situation varies but remains dire, with twenty states demanding at least triple the average two-kid income. Tax credits, dependent care accounts, subsidies, and nanny shares can help ease the burden, but smart planning is key amid these ongoing challenges.
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