🤖 Aime summary:
"Yes, that's correct. According to a report from Child Care Aware of America, child care costs have surged to the point where they are more expensive than rent in every US state. The cost of two…"
— AskAime (@AInvestGPT) May 23, 2024
Average Rent Inflation Rises in April
The last time rent inflation was this high was in 1987.
The Consumer Price Index for Rent of Primary Residence across major U.S. cities rose 5.4% over the last 12 months through April, according to the latest data from the Bureau of Labor… pic.twitter.com/zKIiLUzY5h
— Reef Insights (@ReefInsights) May 16, 2024
According to a report from the nonprofit group Child Care Aware of America, child care costs have surged significantly, surpassing average rent payments for families with more than one child across all 50 U.S. states. Here are the key findings:
- National Average:
- The national average cost for child care increased by 3.7% from 2022 to 2023.
- Families with two kids in a child care center pay an average of about $20,000 yearly across the Midwest, South, and West.
- In the Northeast, the cost is even higher, exceeding $32,000 annually.
- State-Specific Costs:
- Child care costs for two kids at a center are at least 25% higher than rent in 11 states.
- In Washington, D.C., child care costs are at least double the average rent.
- Vermont stands out as the most expensive state, where child care for two children costs $35,016, compared to an average rent of $13,788.
- Financial Strain:
- Many parents find child care costs to be a significant financial burden. For some, child care expenses can exceed half of their monthly income.
- Child care workers are also affected, especially after pandemic-related closures.
- Advocacy and Solutions:
- Advocates are urging Congress to invest at least $16 billion annually into child care funding to address what they call a child care crisis.
In summary, child care costs have outpaced rent payments in every state, impacting families and child care providers alike. It’s essential to address this issue to support working parents and ensure quality child care services