Childcare more expensive than rent in some large metropolitans, according to study
Childcare costs are surging. According to a new study from Lending Tree, sending two kids to childcare is about 40% more expensive than the cost of rent in 100 of the nation's largest metropolitans.
In many cities, the childcare-to-rent ratio is very unbalanced. According to that study, the average monthly cost of full-time child care for two kids, is 39.4% higher than the average rent for a two-bedroom unit.
"It's a problem that's affecting cities large and small in America. This is not just a large city problem, this is something that's going on in smaller cities as well."
— Stan Oklobdzija, Director of The Murphy Institute's Center for Public Policy Research at Tulane University
The study found that in some cities, families can expect to pay more than double the average rent for childcare. Springfield, Massachusetts had the highest childcare-to-rent ratio, with families paying 136% more per month. Syracuse and Buffalo rounded out the top three.
"Some of our states that are lowering cost of living, you know, it's less but it's still $800-$900/month for a child and that's a lot of money," said Cynthia Osborne, a professor of early childhood education at Vanderbilt University.
When it comes to paying the most for childcare, the study found Washington, D.C. had the highest average cost followed by Boston, Worcester and Springfield, Massachusetts.
