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IAC Inc | NASDAQ:IAC | NASDAQ | Common Stock |
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– Both Single and Married Working Parents Spend on Average in Excess of 20% of Household Income on Childcare –
Care.com’s 2023 Cost of Care Report found that parents spend 27% of their household income (HHI) on average on childcare, up from 24% just a year ago and nearly four times the amount deemed affordable by the U.S. Department of Health and Human Services (7%). The research also found that the majority of parents (59%) expect to spend more than $18,000 on childcare in 2023, nearly double the cost of in-state college tuition.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230613495283/en/
A decade of rising childcare costs from Care.com's 2023 Cost of Care Report. (Graphic: Business Wire)
The report comprises survey results of 3,000 parents and a decade of childcare cost data. It reveals an imploding post-pandemic childcare landscape for U.S. households with children, or 40% of the total U.S. population. Lengthy and costly daycare waitlists along with sky-high childcare prices continue to have a major impact on how families juggle care, participate in the workforce, and manage their household finances.
“America’s childcare crisis is just that: a crisis for the entire country and it impacts us all, whether you have children or not,” said Tim Allen, CEO, Care.com. “Childcare is claiming a disproportionate amount of household incomes and a decade of rising childcare costs should be a wakeup call that the system as we know it completely fails the vast majority of families.”
Natalie Mayslich, President, Consumer for Care.com added, “So much is discussed about the staggering college debt families incur. What does it say about our system that a year of childcare for more than half of American families is actually double the cost of in-state college tuition?”
Highlights from the 2023 Cost of Care Report:
A Decade of Rising Weekly Costs*:
Childcare Costs Continue to Soar:
The Daycare Dilemma:
Childcare Villages Are Changing:
Childcare’s Impact on Families
Family Type
Work Type
Top Childcare Arrangement
Preferred Childcare Arrangement
Percent (%) Spending More Than $18K on Childcare in 2023
Avg. Percent (%) of HHI Spent on Childcare
Single Moms
Hourly
Daycare (35%)
Daycare (30%)
48%
28%
Salaried
Daycare (66%)
Daycare (64%)
80%
28%
Single Dads
Hourly
Paid Family (33%)
Paid Friends/Nanny (31%)
49%
31%
Salaried
Paid Friends (33%)
Nanny (29%)
47%
23%
Married Moms
Hourly
Paid Family (40%)
Nanny (40%)
64%
31%
Salaried
Daycare (32%)
Nanny (37%)
63%
26%
Married Dads
Hourly
Paid Friends (35%)
Nanny (33%)
59%
28%
Salaried
Nanny (36%)
Daycare (43%)
61%
22%
Top 5 Most Expensive States for Childcare
Top 5 most expensive states to hire a nanny:
Top 5 most expensive states to hire a babysitter:
Top 5 most expensive states for daycare (infants):
State
Weekly Rate
State
Weekly Rate
State
Weekly Rate
Washington D.C.
$885
Washington D.C.
$194
Washington D.C.
$417
Massachusetts
$864
Hawaii
$189
Massachusetts
$326
California
$849
Massachusetts
$189
Washington
$310
Washington
$838
Washington
$188
California
$288
Connecticut
$799
California
$188
Connecticut
$260
Along with the report, Care.com released a new childcare cost calculator for families to estimate hourly rates for in-home care in their city.
The full results of the 2023 Cost of Care Report can be found here and access to graphics displaying the data can be made available upon request.
2023 Cost of Care Report Methodology
This sample of 3,000 U.S. adults was surveyed on April 25, 2023 and April 27, 2023. All respondents are parents of children 14 years or younger and currently pay for professional childcare, confirmed by both consumer-matched data and self-confirmation. Audience quotas were set to obtain a statistically significant sample of customized geographic regions. DKC Analytics conducted and analyzed this survey with a sample procured using the Pollfish survey delivery platform, which delivers online surveys globally through mobile apps and the mobile web along with the desktop web. No post-stratification has been applied to the results.
Weekly rates for nanny, babysitter and after-school sitter are based on 2022 advertised rates on Care.com. All daycare and family center rates are based on rate information from centers listed on Care.com, except for 2013 rates, where daycare and family care center rates for infants and toddlers are based on Child Care Aware’s national data.
About Care.com
Available in more than 17 countries, Care.com is the largest online platform for finding and managing high-quality family care. Care.com is designed to meet the evolving needs of today’s families and caregivers, offering everything from household tax and payroll services and customized corporate benefits packages covering the care needs of working families, to innovating new ways for caregivers to book jobs. Since 2007, families have relied on Care.com’s products—from child and elder care to pet care and home care. Care.com is an IAC company (NASDAQ: IAC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20230613495283/en/
Natasha Fellion Communications Manager, Care.com natasha.fellion@care.com
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