Annual cost for child care up 41%: report

As many families struggle to pay for the rising cost of gas, food, and other necessities, parents in the U.S. are now facing another obstacle – the rising cost of child care.

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According to a report by Lending Tree, the average annual cost for child care centers is up by 41% since the beginning of the global coronavirus pandemic. In 2020, the average American worker spent between 17% to 20% of their salary on child care for kids aged 5 and under. 

On average, parents are spending more than $14,000 a year on child care.

The study shows parents in Hawaii, Massachusetts and Minnesota are spending nearly 30% of their income to pay for infant in-center care, while Californians are spending roughly 21%.

The report also revealed the higher costs are forcing many parents to put their kids in unlicensed centers.