The cost of raising a child in the U.S. has gotten exponentially more expensive, averaging about $21,681 per year as of 2021, according to new research.
High inflation has made the price of just about everything in the U.S. more expensive – including how much it costs to raise a child. Research published by LendingTree shows that the cost of child care surged nearly 20% between 2016 and 2021, the latest year for which complete data is available. Annual expenses, excluding tax exemptions or credits, hit $21,681 in 2021, versus $18,167 in 2016, the data shows.
Congress allocated $24 billion in emergency funding to help keep child care providers afloat as part of the American Rescue Plan, passed in 2021. But that pandemic-era program officially expired at the end of September, leaving child care providers in a lurch; experts have warned that without the funding, the industry may see a spate of tuition hikes, layoffs and closures.
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