Federal guidelines say that childcare is affordable if it consumes no more than 7% of household income. Citing data from Child Care Aware of America, LendingTree found that the average annual cost of care for an infant and a 4-year-old is $28,190 nationwide.
That would require household income of $402,708 a year to meet the 7% benchmark.
Childcare doesn’t cost $400k (at least not according to the article, or even the headline). The article says it costs $28k. Most people are going to make more than $28k/yr, so keeping the second job is still a financial positive.
Childcare doesn’t cost $400k (at least not according to the article, or even the headline). The article says it costs $28k. Most people are going to make more than $28k/yr, so keeping the second job is still a financial positive.