Americans are shelling out more for child care.
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In Ohio, child care costs on average more than 7 percent of a married couple’s income, according to WalletHub.
“This was a pretty, pretty sobering study. Child care is very expensive and it makes a difference if you’re a married couple or if you’re a single parent, and if you’re in a state with high or low median annual income,” Chip Lupo, WalletHub analyst, said.
The burden is much larger for single parents, on average. WalletHub determined that the annual individual income across the board is about $64,000.
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That is below the national average of $81,000 and if a parent goes it alone, the cost of childcare is more than 25 percent of their income.
“This is where your median annual income hurts your single families. Twenty-six percent of the income goes to family-based child care for single parents, and a third, 33.3 percent, are based on child care. So that’s a huge chunk of a single parent to be shelling out for child care,”
Lupo said do your due diligence to find the best option that fits your budget, and programs exist to help parents foot the bill, but those usually have income requirements and limit your choices.
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