Millions of Americans pay more for child care than rent every month, according to a new analysis by online lending marketplace LendingTree.
Researchers found that child care costs exceeded the cost of a two-bedroom home or apartment for families with two children in 85 of the 100 largest metropolitan areas examined.
The biggest imbalance for families with two children occurred in Omaha, Nebraska (111.3 percent), Milwaukee, Wisconsin (110.9 percent), and Buffalo, New York (105.6 percent).
“Spending almost $1,300 a month on child care is a massive burden for parents, but most families don’t have another choice,” LendingTree chief consumer finance analyst Matt Schulz said.
“They can’t stay home. They don’t have family or friends they can rely on for child care. They have no other option but to spend a significant amount of money each month on child care. It makes an already difficult financial situation that much more challenging.”…