Having a child can cost a lot in this day and age, but who would have thought that sending your child to daycare, may cost you more than a college tuition?
Working mothers already pay enough when it comes to having kids, but this is just takes the cake. According to a new report from the Economic Policy Institute, in 23 out of 50 states, the cost of sending your four-year-old to a full-time daycare runs higher than a college education.
Those states results also vary drastically. In Massachusetts, which has the highest child care costs coming in a $12,781, the in-state tuition for a public college will cost you $10,702. Whereas in Florida, day care can run a family $7,668 while college tuition is $4,423. In comparison, in South Carolina, child care is less than half as expensive as college tuition with the numbers coming in at $4,651 versus $11,066.
These prices also hurt families of all income levels. According to the report, high-income families are spending more on enrichment activities than low-income families, all the while lower-income households are making greater investment efforts for their child’s daycare education.
Based on the EPI’s numbers, the median income for a family of four should be paying less than 10% of their income on child care as pertains to the government’s standard for affordable child care.
Currently, only ten states meet those requirements. The last thing low-income moms need to keep them from climbing the ladder to the American Dream are exorbitant costs that make them work more and be away from their children.
Featured image via Flickr