Childcare costs climb far above ‘affordable’ level for most families

(InvestigateTV) — For working parents, finding a safe and reliable source of childcare can be challenging enough, but paying for it can be even more difficult.

According to the U.S. Department of Health and Human Services, childcare is considered “affordable” if it takes up no more than 7% of a family’s total income.

However, a survey done by Care.com estimates the average cost of childcare has grown to take up roughly a quarter of the family budget for most parents across the U.S.

Part of the issue is a lack of supply — the U.S. Bureau of Labor Statistics reported in late 2023 that the childcare sector is still down 40,000 jobs compared to pre-pandemic levels.

But others say there are factors that could mitigate the cost.

DHHS has proposed a new rule to bring the cost for low-income families within that 7% threshold, and some lawmakers on Capitol Hill have been pushing for legislation that would provide similar relief.

Copyright 2024 Gray Media Group, Inc. All rights reserved.