(WRGB) — A new fact sheet highlights the financial strain of child care on New York families, revealing that the average annual cost for center-based infant care exceeds $20,000, while home-based care costs more than $16,000.
The First Five Years Fund organization provided a state-by-state breakdown, showing that for a married couple with a median income, center-based care consumes nearly 15% of their earnings. For single-parent households, it accounts for a staggering 50% of their income.
The report underscores the dual challenge of high costs and limited supply. In New York, more than 1.3 million children are aged 5 and under, with 66% having all available parents in the workforce, necessitating some form of care. Despite the presence of thousands of licensed child care centers and family child care homes, federally funded programs reach only a fraction of eligible families.
The issue extends beyond individual families, impacting the state’s economy. The report estimates that child care challenges cost New York’s economy $9.8 billion annually in lost earnings, productivity, and revenue.
The fact sheet with a national and state-by-state breakdown can be found here.