(WJW) – Whether you’re a single parent or two working parents, it’s no secret that the cost of childcare can take a toll on your wallet.
A recent study found families in Ohio spend nearly 20% of their income on child care.
The study conducted by LendingTree, an online loan marketplace, looked at data from the U.S. Census Bureau.
The study found families in Ohio spend 16.2% of their income on childcare. That breaks down to about $251/week based on an average earning of $1,533 a week.
That’s less than the national average, which is 17.8% of a family’s income, according to the study.
However, the study also found that only half of the families who use childcare actually pay for it. And, even fewer parents (60%) between the ages of ages 25 to 39 carry the burden of the cost. According to LendingTree, the most common arrangement relies on a family member, such as a grandparent or sibling, to watch children.
The company notes that a separate study last year found U.S. workers spend up to 29% of their income on childcare for kids younger than 5. LendingTree says this most recent study takes a broader approach, whereas the previous study looked at in-center care for a specific age range.
“While the two can’t be directly compared, our new data exemplifies how expensive it is to get child care in the U.S.,” the company said.
This most recent study also found families in Nevada spend the highest percentage (27.8%) of their income on childcare while families in New Hampshire and South Dakota families spend the lowest percentage (11.6%.)