Infant care costs at least 10% of a family's annual income in nearly all states
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A new report finds that child care costs for full-time center-based care for one infant costs at least 10% of a median family's annual income in nearly every state, according to a study by Bankrate.
Child care has become one of the biggest expenses in household budgets around the U.S., with infant care costs topping 10% of the median family income in 48 states and the District of Columbia in 2023, Bankrate found.
«Child care is an enormous expense for families no matter where they live in the country,» said Bankrate analyst Alex Gailey. «That makes budgeting and family financial planning all the more important. In addition to meticulous budgeting and tracking monthly expenses, families should check with their county or state offices for family services to get educated on what services, tax breaks or financing opportunities are available for child care.»
New Mexico was the state where infant care was the least affordable, costing 20.5% of the median family income, or about $13,521 in a year out of an income of $65,952. It was followed by Hawaii (20.1%), New York (19.6%), California (18.7%) and Massachusetts (18.4%) in the ranks of the least affordable states for infant care, according to Bankrate's study.
MORE AMERICANS LIVING PAYCHECK TO PAYCHECK THAN 5 YEARS AGO, BANK OF AMERICA DATA SHOWS
Full-time infant care costs at centers top 10% of the median household income in 48 states plus the District of Columbia, Bankrate's study found. (Photo by Anne Cusack/Los Angeles Times via Getty Images / Getty Images)
«Despite being ranked No. 1 for the least affordable, New Mexico is one of the few states
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