WASHINGTON, D.C. (CBS) – New parents can’t just worry about saving for college anymore – the latest research shows it might be time to focus more on paying for day care.
A recent study has concluded that in 23 states, including Massachusetts, it costs more to send a toddler to preschool or day care than it is to send an 18-year-old to college.
The data from the Economic Policy Institute shows that the average annual cost for child care for a 4-year-old is $12,781. Comparatively, it costs $10,702 a year on average for in-state tuition at Massachusetts colleges.
Infant care is even pricier in the Bay State, averaging just over $17,000 a year. That’s more than any other state.
The average Massachusetts family has to spend more than a third of their income on childcare if they have an infant and 4-year-old, according to the study.