Daycare More Expensive Than College in New York, Study Finds
A study says New York is the fourth-most expensive state for infant care, with less than 21 percent of families able to afford it.
BY DEB BELT
Parents in New York may be dipping into college savings for their kids much earlier. They may have to use the savings to pay for daycare before that child even heads to elementary school.
A study recently released by the Economic Policy Institutereported that New York is one of 33 states where infant care is more expensive per year than in-state tuition for a 4-year public college.
New York is ranked fourth out of 50 states and the District of Columbia for most expensive infant care.
The report found that the average annual cost of infant care in the Empire State is $14,144, which breaks down to $1,179 per month, and child care for a 4-year-old costs $11,700, or $975 per month.
In comparing the cost to college tuition, infant care is $7,252, or 105.2 percent more than the cost of an in-state four-year college. Care for infants also costs families just 5.9 percent less than average rent rates, said the study.
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