The share of parents feeling financially 'ok' dropped by 5 points to 64% among those with kids under 18, decreased significantly from the boost in 2021 from federal cash payments.
Child care costs have surged, making it a significant monthly expense akin to housing, impacting parents' financial situations; many are sacrificing income due to child care responsibilities.
Median monthly child care costs for parents amount to $800, rising to $1,100 for those utilizing 20 or more hours a week, equating to 50-70% of monthly housing expenses.
Child care expenses exceed mortgage payments in many states, causing financial strain. A single parent with median income would need 32% of pay to afford care in 2023.
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