Fifty years ago, getting married at 20 and popping out a few cute kids was the norm. Today, that’s almost inconceivable. It’s not that modern 20-somethings don’t love kids. It’s just that it’s getting increasingly unaffordable to actually raise them.
In 2019, more than 60 percent of married couples with children included two working parents, according to the Bureau of Labor Statistics. For the average family, it’s unaffordable for one parent to stay home, even if they want to. For those making minimum wage, however, it’s barely worth it to work. The cost of putting a child in daycare can easily suck up more than half their annual income.
Experts at the U.S. Department of Health and Human Services say that to be truly affordable, childcare shouldn’t cost more than 7 percent of a family’s income, which for most, isn't an option in the U.S. It’s not all doom and gloom, though! Since daycare and preschool costs usually only span about four years for each child, the drain on your wallet won’t last forever. Exactly how expensive is it, you ask? Let’s find out.